TAMPA, Fla., Dec. 15, 2017 (GLOBE NEWSWIRE) -- Health Insurance Innovations, Inc. (NASDAQ:HIIQ), a leading developer, distributor, and cloud-based administrator of affordable health insurance and supplemental plans, today announced the appointment of John A. Fichthorn to the Company’s Board of Directors (the “Board”) as a new independent director, effective immediately. Mr. Fichthorn will also join a newly formed Risk and Compliance Committee that will further strengthen the Company’s market-leading compliance and customer service.
Mr. Fichthorn currently serves as Head of Alternative Investments for B. Riley Capital Management, LLC, which is an SEC-registered investment adviser and wholly-owned subsidiary of B. Riley Financial, Inc. He previously served as co-founder and CEO of Dialectic Capital Management, LLC from 2003 to 2017. He brings a wealth of experience as an investor in both technology and healthcare companies and as a board member for several NASDAQ-listed companies over the last decade.
“John will add valuable perspective and significant industry expertise to the HIIQ Board,” said Paul G. Gabos, Chairman of the HIIQ Board of Directors. “We look forward to working closely with him as HIIQ continues executing on its successful strategy of providing differentiated services in the dynamic individual health insurance marketplace while upholding the highest standards in customer service and compliance. We believe that John will provide great insight and value to HIIQ’s stockholders in the Company’s effort to continue to deliver strong financial results and continue to succeed and grow in the dynamic individual health insurance marketplace.”
Mr. Fichthorn commented, “I am excited to join the HIIQ Board. In addition, that I have also been appointed to the Board’s newly-formed Risk and Compliance Committee demonstrates HIIQ’s commitment to even greater transparency and compliance. With support from the Company’s knowledgeable and experienced Board and management team, HIIQ is uniquely positioned to take advantage of opportunities for growth as the healthcare landscape continues to evolve.”
“As the business of HIIQ grows and shifts, the demands of the Board must evolve ,” said J. Carlo Cannell, Managing Member of Cannell Capital LLC, a beneficial owner of 8% of the Class A common shares of HIIQ. “I am gratified by the anointment of J. A. Fichthorn to the Board, and believe he brings robust experience and additional credibility. Accordingly, Cannell Capital will be modifying its investment position from ‘active’ to ’passive’ shortly.”
With Mr. Fichthorn’s appointment, HIIQ’s Board of Directors now comprises eight directors, five of whom are independent.
Risk and Compliance Committee
HIIQ also announced today the formation of a Risk and Compliance Committee of the Board, which will assist the Board and the Company in navigating today’s complex regulatory environment. The Committee will initially include all of the Company’s independent directors, Paul E. Avery, Anthony J. Barkett, Robert S. Murley, Paul G. Gabos and John A. Fichthorn, as well as the Company’s Chief Executive Officer and President, Gavin D. Southwell.
“The formation of the Risk and Compliance Committee demonstrates HIIQ’s continued focus on upholding and enhancing the highest standards in legal and regulatory compliance and customer service. The Board will benefit from the Committee’s counsel as the Company continues its investments in these key areas,” Mr. Gabos added.
About Health Insurance Innovations, Inc. (HIIQ)
HIIQ is a market leader in developing innovative health insurance products that are affordable and meet the needs of health insurance plan shoppers. HIIQ develops 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 HiiQuote.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.