Intuit Inc., a provider of financial management solutions to small businesses and consumers, has completed the sale of selected assets of its QuickenInsurance business to InsWeb Corp. Intuit has received a 16.6 percent equity stake in InsWeb, valued at approximately $11.4 million, based on the closing price of InsWeb’s stock yesterday.
Intuit and InsWeb also signed a separate agreement that makes InsWeb the exclusive consumer insurance aggregator for Intuit’s Quicken.com and QuickenInsurance Web sites and certain consumer desktop products.
In exchange, Intuit will share in associated revenues, which are subject to certain minimums. Intuit and InsWeb announced they had reached agreement for these transactions on Nov. 27, 2000.
Was this article valuable?
Here are more articles you may enjoy.
Fannie Mae, Freddie Mac Will Again Accept Actual Cash Value Home Insurance 
A Little Behind Schedule, But Execs Say Sypher Insurance is on Track for May Debut 
Depreciation on ACV Is OK, Court Says in Knocking Down Class Action vs. Cincinnati 
Lawsuit Alleges Microbetting Product by DraftKings, FanDuel, NFL Leads to Addiction 
