Zurich North America has acquired Sea Pine Technologies, a company specializing in innovative digital applications for the marketing of vehicle protection products.
The insurer said the deal will expand its automotive Finance and Insurance (F&I) products in the United States and also beef up its innovative offerings for both auto dealers and car owners. Neither side disclosed financial terms.
Kathleen Savio, CEO of Zurich North America, said in prepared remarks that the deal reflects, in part, Zurich’s continued push “to invest in the businesses and customer segments where it sees the best opportunities for excellence.”
Founded in 2016 and based in Dallas, Texas, Sea Pine Technologies offers a number of proprietary digital applications designed to enable dealers to meet the growing consumer demand for automotive F&I products, retain customers and increase their bottom lines.
In 2018, Zurich began its relationship with Sea Pine collaborating on a pilot program with auto dealers testing Sea Pine’s digital application. According to Vince Santivasi, head of Direct Markets for Zurich North America, Sea Pine’s technology—combined with Zurich’s current F&I selling system and Zurich’s years of experience working with auto dealers—makes it possible to generate a significant increase in F&I product sales through additional channels.
With the acquisition, Santivasi now serves as president of the Sea Pine board of directors.
The closing took place on Jan. 31, 2019.
Source: Zurich North America