Friday Health Plans recently announced its expansion into seven states and the completion of a second round of capital raising. The company says its membership has increased by more than 400% in the past year. It has also signed an agreement with Leadenhall Capital Partners and completed a second round of financing. Its current plans are designed to meet the needs of younger people, and its price tag is reasonable for a health insurance plan.
Friday Health Plans has expanded to seven stats
In just one year, Friday Health Plans has grown from one state to four. To do so, they streamlined their communications and marketing operations, which improved efficiency for both staff and members. While big insurers have millions to spend on advertising, small insurers like Friday must come up with creative ways to communicate their mission and attract new members.
As the ACA rolls out, Friday is expanding its reach into more states. In addition to Texas, Friday is now offering coverage in 20 counties throughout Georgia, including major cities like Atlanta and Athens. The company also recently expanded into Oklahoma and North Carolina.
Membership growth has increased by more than 400% in the last year
Friday Health Plans is a health insurance carrier that specializes in individual and family coverage. In the past year, the company has grown its membership by more than 400% and entered three new states, including New Mexico, Texas and Colorado. The company has over 70,000 members in four states and plans to continue to expand across the country.
The company’s expansion plans have helped it capture over 20% of the marketplace market in Texas, Nevada and Colorado, and nearly nine percent of the ACA market in Georgia. It has also expanded to counties in North Carolina, Oklahoma, and Georgia, and has plans to enter five additional states this year.
The company has signed an agreement with Leadenhall Capital Partners
Friday Health Plans has signed an agreement with Leadhenhall Capital Partners to raise a total of $160 million. The investment is part of a larger funding round that Friday has made with several other investors. Leadenhall will provide the company with $50 million of debt financing, as well as equity, to expand its service footprint in new markets. The company plans to use the funds to grow its small group and individual health insurance business.
The funding round will help Friday Health Plans expand into new markets and expand its presence in the Affordable Care Act marketplace. Leadenhall specializes in P&C investments, as well as life insurance-linked securities. It has backed several start-ups and operated life ILS investment funds.
The company has completed a second round of capital raising
Friday Health Plans is a Denver-based health insurance holding company. Its recent capital raising enables it to expand into new markets and further expand its consumer-focused model. Founded by Sal Gentile and David Pinkert, the company provides health insurance to consumers without employer-provided insurance. Its growth has been driven by acquisitions and organic growth. In the past two years, the company has grown its membership by more than 400 percent.
The company has raised more than $4 million to expand its operations. The company now has over 100 employees. Founder Sal Gentile hails from the Bronx, where his family owned and operated a fish market for three generations. After graduating from college, he went on to complete an MBA, worked for large corporations, and found his niche in the healthcare industry after the Affordable Care Act was passed.
The company has a stable financial outlook
A stable financial outlook is a key indicator of a healthy company. Companies with a high financial stability rating have adequate resources and are well capitalized. Friday is well capitalized and has a strong balance sheet, which is one of the most important factors in a health insurance company’s financial stability. The company’s Financial Stability Rating was recently upgraded by AM Best, which reflects the insurer’s expectations for continued improvement in its balance sheet strength. However, this rating is based on data for 2020, and does not account for recent gains made in 2021.
The company has recently raised $160 million in its second capital raising round, led by Vestar Capital Partners, and has secured $60 million in debt financing from Leadenhall Capital Partners. This investment follows a $50 million round of institutional funding in February and another $50 million in equity funding in April. The company has also recently entered into a multi-year 50% quota share reinsurance agreement with AXA, and expects to expand its offerings into new markets.
