The amount of the all-cash transaction was not disclosed.
Founded in 2016 by Jeff Smedsrud, Pivot Health develops, manages and markets proprietary, specialty health insurance products for individuals, including short-term medical, fixed indemnity and supplemental gap coverage. The company markets its products through a multi-channel approach, including, direct-to-consumer through its proprietary enrollment platform PivotHealth.com, through a network of independent licensed insurance agents and through selected online insurance brokers. Following the transaction, the company will continue to operate independently and focus on its current growth strategy. HealthCare.com will continue to manage its health insurance and Medicare comparison model that connects millions of consumers to brokers, carriers and call center partners, while finding opportunities to present Pivot Health products to interested consumers.
Prior to founding Pivot Health, Smedsrud was a co-founder and CEO of HealthCare.com from 2014 to 2016 and previously sold four insurance marketing businesses to publicly-traded companies. He will continue to lead Pivot Health on a day-to-day basis and will join the HealthCare.com management team.
The company had previously received financial backing from AXIS Capital (NYSE: AXS), a Bermuda-based global provider of specialty lines insurance and treaty reinsurance.
Led by Howard Yeh, co-founder and CEO, and Jose Vargas, co-founder and Director, HealthCare.com is a search-and-compare health insurance shopping platform that connects consumers with its network of licensed insurance brokers and insurance carriers.
The company has offices in New York City, Miami, and Guatemala City.