Intuit to Take Stake in InsWeb

Insurance

Ilan Tsapovski

11/27/00 - 10:07 AM EST

Intuit (INTU ) and InsWeb (INSW ) announced Monday they had reached several agreements giving InsWeb control over Intuit's insurance business.

InsWeb, an online insurance company based in Redwood City, Calif., agreed to acquire selected assets of Intuit's QuickenInsurance. In exchange, Intuit will receive a 16.6% equity stake in InsWeb, valued at approximately $14 million.

Furthermore, under a separate five-year agreement, InsWeb will become the exclusive consumer insurance aggregator for Intuit's Quicken.com and QuickenInsurance Web sites. In exchange, Intuit will share in associated revenue.

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