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TAMPA, Fla., March 14, 2019 (GLOBE NEWSWIRE) -- Health Insurance Innovations, Inc. (NASDAQ:HIIQ), a leading cloud-based technology platform and distributor of affordable health insurance, life insurance and supplemental plans, today announced that its Board of Directors has increased the amount of the authorized repurchase of the Company's Class A common stock from $100 million up to $200 million and extended the authorization through October 2020. Through March 14, 2019, the Company has repurchased an aggregate of approximately $77.3 million in shares of Class A Common Stock under the previous Share Repurchase Authorization.
Gavin Southwell, HIIQ's Chief Executive Officer and President, said, "The increase and extension of the HIIQ share repurchase program underscores our confidence in our business strategy, financial performance, and the long-term prospects of our company. We believe that, in view of our current and anticipated cash position, this buy-back is both an effective use of our capital and a benefit to our shareholders. HIIQ continues to be a leading technology platform and distributor of affordable health and life insurance products that meet the demands and needs of our consumers."
The new share repurchase authorization permits the Company to periodically repurchase shares for cash in open market purchases, block transactions and privately negotiated transactions in accordance with applicable federal securities laws and extends the authorization through October 2020. The actual timing, number and value of shares repurchased under the program will be determined by management at its discretion and will depend on several factors, including the market price of the Company's common stock, general market and economic conditions, regulatory requirements, capital availability and compliance with the terms of the Company's credit facility. Repurchases under the program will be funded from one or a combination of existing cash balances, future free cash flow, and indebtedness. There is no guarantee as to the number of shares that will be repurchased, and the repurchase program may be extended, suspended or discontinued at any time without notice at the Company's discretion.
Under the stock repurchase program, the Company may elect to adopt a Rule 10b5-1 share repurchase plan under the Securities Exchange Act of 1934 (the "Plan"). The Plan would allow the Company to repurchase its shares at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. Because repurchases under the Plan are anticipated to be subject to certain pricing parameters, there is no guarantee as to the exact number of shares that will be repurchased under the Plan or that there will be any repurchases pursuant to the Plan. Subject to applicable regulations, HIIQ may elect to amend or cancel the Plan at its discretion.
About Health Insurance Innovations, Inc. (HIIQ)
HIIQ is a market leading cloud-based technology platform and distributor of innovative health insurance products that are affordable and meet the needs of health insurance plan shoppers. HIIQ helps develop insurance products through our relationships with best-in-class insurance companies and markets them via its broad distribution network of licensed insurance agents across the nation, its call center network and its unique online capability. Additional information about HIIQ can be found at HiiQ.com. HIIQ's Consumer Division includes AgileHealthInsurance.com, a website for researching, comparing and purchasing short-term health insurance products online and HealthPocket.com, a free website that compares and ranks all health insurance plans, and uses objective data to publish unbiased health insurance market analyses and other consumer advocacy research.
Mike Hershberger, Health Insurance Innovations, Inc. 1-877-376-5831
John Evans, Investor Relations, PIR Communications, 415-309-0230, firstname.lastname@example.org