SACRAMENTO, Calif. - InsWeb Corp. announced Thursday that it has completed its purchase of QuickenInsurance from Intuit Inc. for about $11.4 million.
The companies also announced that InsWeb has been named the exclusive insurance services provider for Quicken.com and for some of Quicken's consumer software products.
Intuit, of Mountain View, Calif., received 16.6% of InsWeb common stock and agreed to conditions including restrictions on reselling InsWeb shares, voting on them, or acquiring additional shares for at least 18 months. Also, Intuit will get a share of revenues generated by the distribution arrangement.
InsWeb's stock was trading at $1.625 about an hour before the market's close Thursday, unchanged from Wednesday's close. The company said it will discuss the acquisition and the distribution deal further when it reports its fourth-quarter and 2000 results Thursday, Feb. 1, after the market's close.
Consumers use InsWeb allows to compare quotes on a variety of lines from more than 40 insurers. It can be reached through Web sites such as Yahoo, MSN, Quicken.com, NBCi.com, E-Trade, and Go Network.
InsWeb's deal to buy QuickenInsurance was originally announced Nov. 27.
