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- 9 months ago
Prudential Financial agreed to acquire Seattle-area startup Assurance IQ for $2.35 billion, the companies announced Thursday. The acquisition will fold a tech-focused insurance seller into the financial services giant, allowing Prudential to reach more customers online.
Based in Bellevue, Wash., Assurance sells a variety of insurance policies over the internet. Beyond the upfront $2.35 billion, Prudential agreed to pay an additional $1.15 billion in cash and equity if Assurance meets certain growth objectives.
Assurance self-funded from the start, avoiding raising any outside capital. The startup is profitable and growing, according to the announcement. Prudential stock was up nearly 3 percent Thursday.