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Prudential to buy online startup Assurance IQ for $2.35 billion

  • U.S.
  • 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.

Prudential to buy online startup Assurance IQ for $2.35 billion

Rajan Trivedi

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Product at @Prudential Financial. Previously startup @M-Changa; Data @MCC; Budget/Ops @Grant Thornton  Maintain sanity with headstands, pups, and triathlons.

Zoya Khan

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Wayne Huang

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