Headhunter Insurers Are Selling Off Their Own Businesses for Cash
Headhunter Insurance, a major insurance company, has sold off its own businesses to pay for its new $2.4 billion acquisition of insurance for duds.
In a statement, Headhunter said it is “proud to announce that it is selling off all of its existing and future assets including its headquarters, business and other businesses.”
The deal, announced Wednesday, was announced by Headhunter Chief Executive Officer Mark Sperling.
Sperling said the sale includes “our entire global corporate portfolio,” including all of the company’s commercial and commercial business, including its corporate headquarters, offices, corporate offices, and other properties, and will continue to operate independently and operate as a separate entity.
“The headhunter acquisition comes after a year of turmoil in the industry as consumers increasingly turn to cheaper and more affordable insurance options.
Headhunter was founded in 2007 by former New York City mayor Michael Bloomberg, who was a co-founder of health insurance company Blue Cross Blue Shield of New York.
Bloomberg is currently a partner at Blackstone Group LP.
Headhunter has been under pressure to improve its product offerings.
The company has been accused of selling low-quality, low-cost health insurance to the public at an affordable price.