February 27, 2019 10:24 AM (EST)
Zurich North America Acquires Insurtech Company Sea Pine
SCHAUMBERG, Ill. - Zurich North America has acquired Sea Pine Technologies, an insurtech company specializing in digital applications for marketing vehicle protection products.
The deal expands automotive finance and insurance capabilities. The insurer said in a statement that the deal will strengthen offerings to auto dealers and car owners. Transaction terms were not disclosed.
Zurich said Sea Pine has several proprietary digital applications designed to enhance product sales and customer retention by auto dealers that will augment its own capabilities.
Sea Pine is now a subsidiary of Zurich American Insurance Co. Sea Pine Chief Executive Officer Andrew Rosen will continue to lead the standalone company and other Sea Pine employees remain in their current positions, Sea Pine said.
Zurich Insurance Group reported a 20% increase in business operating profit to US$4.6 billion in 2018. It pledged to continue investing in “innovative customer-focused strategies” (Best’s News Service, Feb. 7, 2019).
Zurich American Insurance Co. currently has a Best’s Financial Strength Rating of A+ (Superior).
(By Renée Kiriluk-Hill, associate editor, BestWeek: Renee.Kiriluk-Hill@ambest.com)
BN-NJ-2-27-2019 1024 ET #
Insurtech, MERGERS AND ACQUISITIONS, MULTIPLE LINE INSURERS