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Intuit to Take Stake in InsWeb

Intuit

(INTU) - Get Intuit Inc. Report

and

InsWeb

(INSW) - Get International Seaways, Inc. Report

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

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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.