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Propel Insurance Acquires Senior Living Specialist HealthCare Services to Expand East Coast Presence
Tuesday 07 July 2020

US-based retail insurance agency Propel Insurance has acquired Tennessee-based risk management and insurance consultancy, HealthCare Services (HCS), in a combination expected to generate in excess of USD 120m of annual revenue in 2020, the company said.

Terms of the transaction were not disclosed.

HCS specialises in serving senior care organisations. The company will have 7 offices across the US, and will continue to focus on providing tailored insurance solutions to its clients and offer growth opportunities for its insurance carrier partners.

Propel's acquisition of HCS will expand Propel's existing senior living practice and confirm Propel as one of the leading healthcare specialists in the insurance industry. Propel and HCS will consolidate their expertise as they help clients manage risk across the country.

Kirkland and Ellis LLP acted as legal counsel to Propel and Flexpoint Ford in connection with the transaction.

Reagan Consulting acted as financial advisor to HCS and Morris Manning and Martin, LLP acted as legal counsel in connection with the transaction.

Propel Insurance, portfolio company of Flexpoint Ford, is a privately-owned insurance agency that provides property, casualty, risk management, workers' comp, employee benefits, personal insurance and other products across North America.

Flexpoint Ford, LLC is a private equity investment firm that has raised more than USD 4.3bn in capital and specialises in privately negotiated investments in the financial services and healthcare industries.
Date Published: 07/07/2020