KANSAS CITY, Missouri and NEW YORK–(BUSINESS WIRE)–Spring Venture Group (“Spring” or the “Company”), a leading digital insurance platform in the senior healthcare market, today announced that Corsair Capital (“Corsair”) has completed a strategic investment in the Company. The partnership with Corsair will fuel the continued expansion of Spring, which has tripled its workforce to more than 600 in the past two years.
Founded in 1992 with offices in New York and London, Corsair is one of the oldest private equity firms focused on the financial services industry. Corsair joins Five Elms Capital, a leading growth investor and founding member of Spring, as a minority shareholder in the company.
Spring operates as a strategic distribution partner for leading Medicare Supplement and Medicare Advantage insurers through its digital presence and dedicated team of insurance advisors. Over the past eight years, Spring has developed a highly differentiated technology platform that combines sophisticated marketing, lead generation, comparison shopping, sales execution and post-registration customer engagement to create a invaluable distribution channel for its insurance partners.
“We are in a phenomenal position to continue to support seniors as they choose the best health insurance coverage to meet their individual needs,” said Chris Giuliani, CEO of Spring. “Corsair’s strong understanding of the financial services industry, deep industry relationships, and track record of successfully partnering with the management teams of growing companies will be invaluable as we grow our core Medicare business and grow. expand into adjacent markets.
“Spring’s team brings tremendous business and digital expertise to the rapidly growing $200 billion senior healthcare market,” said James Kirk, CEO of Corsair. produce greater lifetime values for customers through improved satisfaction and renewal rates. Corsair is delighted to work with the Spring team and with Five Elms Capital as the company embarks on its next stage of growth.
“Spring’s customer-focused advice and price comparison platform enables seniors to make an informed decision about their healthcare needs,” added Jeremy Schein, CEO of Corsair. upcoming opportunities for spring.
Tony Ling, Principal at Corsair, said, “Spring has built a strong employee-centric culture that enables the company to deliver tremendous value to seniors, its insurance partners and its community. We look forward to collaborating with management on ways to further improve its market-leading offering. »
As part of the transaction, representatives of Corsair will join Spring’s board of directors. The Company’s existing management team will continue to manage day-to-day business operations. Financial terms of the transaction were not disclosed.
Evercore acted as strategic and financial advisor and Husch Blackwell acted as legal advisor to Spring. Guggenheim Securities acted as strategic and financial advisor and Simpson Thacher & Bartlett acted as legal advisor to Corsair.
About Spring Venture Group
Spring Venture Group is a leading direct-to-consumer digital sales and marketing company with product offerings focused on the senior market. Founded in 2010, the company specializes in the distribution of Medicare Supplement, Medicare Advantage and related products through its digital presence and dedicated team of insurance advisors. Spring has developed a highly differentiated technology platform that combines sophisticated marketing, lead generation, comparison shopping, sales execution and post-registration customer engagement to create an invaluable channel for its insurer partners. Spring’s deep senior market expertise and technology-enhanced sales approach is complemented by its data-driven operational and workflow insight. The company employs over 600 professionals and is headquartered in Kansas City, Missouri.
About Corsair Capital
Corsair Capital LLC, which includes a highly regarded private equity platform, is a leading investor in the financial services industry. Corsair Capital has invested in nearly every sub-sector of the financial services industry, including wealth and asset management, payments and fintech, services, insurance, banking and specialty finance. Since its inception, Corsair has led or co-led $8 billion in private equity investments.