UNIVERSAL AMERICAN FINANCIAL CORP. ACQUIRES AMERICAN INSURANCE ADMINISTRATION GROUP   1/13/00

FOR IMMEDIATE RELEASE

UNIVERSAL AMERICAN FINANCIAL CORP. ACQUIRES AMERICAN INSURANCE ADMINISTRATION GROUP

Rye Brook, NY – January 13, 2022 – Universal American Financial Corp. (NASDAQ National Market: UHCO) (“Universal”) today announced that it has acquired all of the outstanding shares of American Insurance Administration Group, Inc. (“AIAG”). Based in Clearwater, Florida, AIAG was a privately held third party administrator of approximately $100 million of senior market accident and health insurance coverage. The acquisition was made for $2.875 million in cash, 809,860 shares of Universal common stock and certain contingent future cash payments.

Richard Barasch, Chairman and CEO of Universal, commented, “This acquisition generates additional scale for our administrative activities and provides a seasoned group of industry professionals to administer our growing insurance portfolio. It also strengthens our administrative capabilities as we continue to expand our presence in the senior market and initiate cross selling opportunities between our Brokerage and Career Sales divisions.”

Universal American Financial Corp. Offers life and supplemental health insurance for senior citizens and customized insurance programs for market niches.

In addition to the historical information contained above, this document may contain some forward looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risk factors are listed from time to time in the Company’s SEC reports.




 

 

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