Zurich North America has acquired 100% ownership of Sea Pine Technologies, a U.S insurtech firm that specialises in developing digital applications for the marketing of vehicle protection products.
The insurer said the move would enable it to further expand its automotive Finance & Insurance (F&I) products and services for auto dealers and car owners in the U.S.
“Zurich continues to invest in the businesses and customer segments where it sees the best opportunities for excellence,” said Kathleen Savio, CEO of Zurich North America. “This acquisition builds on our strengths by delivering competitive capabilities for us in North America and accelerates our delivery of innovative and valued solutions to our customers.”
Based in Dallas, Texas, Sea Pine was formed in 2016 and has since developed several proprietary digital applications to help dealers meet the growing consumer demand for automotive F&I products, retain customers and increase their bottom lines.
“This 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 with companies ready to deliver innovative products and services that meet our customers’ needs now and in the future,” said Anurag Batta, Head of Strategy, Innovation and Business Development for Zurich North America.
Zurich began its relationship with Sea Pine in 2018, collaborating on a pilot program with auto dealers testing Sea Pine’s digital application.
Vince Santivasi, Head of Direct Markets for Zurich North America, will serve as President of the Sea Pine Board of Directors following the acquisition.
“We are extremely excited to become a part of Zurich North America, truly a first-class organization that puts an emphasis on being at the forefront of innovation and bringing real distinguishable value to its dealer network,” said Andrew Rosen, Chief Executive Officer (CEO) Sea Pine Technologies.
“Motivated by a desire to offer relevant and productive technology solutions to an automotive industry that is rapidly changing, we are confident this move will have a meaningful impact on shaping its future,” Rosen continued.
“Zurich is committed to helping auto dealers succeed and continuously improve their financial results,” added David Putz, Head of Alternative Markets for Zurich North America.
“Sea Pine’s technology further expands auto dealers’ ability to offer F&I products beyond the traditional point of sale. And, it provides car owners more educational resources and additional avenues to purchase vehicle protection products.”