Zurich North America, an enterprise risk management and insurance solution provider headquartered in Chicago, Illinois, as per recent reports last month, in Feb. 2019, announced the acquisition (100% ownership) of Sea Pine Technologies, a Dallas, Texas-based company that specializes in digital applications for vehicle protection product marketing.
Financial details of the acquisition deal were not disclosed. Zurich, renowned as an automotive finance & insurance (F&I) products and services provider in the US, says this acquisition will further help Zurich expand its F&I portfolio, expanding its product offerings to auto dealers and car owners in the US markets.
Speaking on this context, Anurag Batta, Head of Strategy, innovation and business development for Zurich North America, said: “the acquisition exemplifies our customer-led spirit of innovation that Zurich continues to foster as we apply customer insights to develop new ways to augment our own capabilities”.
The Dallas-based Sea Pine was founded in 2016 and has several proprietary digital applications offering that go much “beyond the traditional finance office” work.
Last year, in 2018, Zurich started working with Sea Pine Technologies on a pilot program with auto dealers testing Sea Pine’s digital application. The pilot program was a great success, which saw a “significant increase” in F&I product sales through additional channels.
Moreover, Zurich claims, it is capable of tracing back its roots in the US automotive industry back to 1922 with the founding of Universal Underwriters. Today, the program offers commercial insurance, compliance resources, and reinsurance program services.