Health Insurance Innovations (HII) has procured its contract rights with TSG Agency (TSG) as well as certain other assets for a potential value of $5.5m.
Around $0.3m of costs related to the transaction is expected to be incurred by HII.
Beginning in the second quarter of 2013, HII's transaction is expected to reduce third party commissions otherwise payable to TSG on a quarterly basis for positive bottom line impact result.
TSG Agency, a managing general agent of HII, founder and owner Ivan Spinner will join HII as vice president of sales.
HII president and chief executive officer Michael Kosloske said, "This is an important milestone for HII as we expand our team and capabilities."
"Ivan Spinner brings a wealth of experience to HII for the recruitment of new and experienced agents with the skills and knowledge to produce health, life and annuities online," Kosloske added.
