Zurich North America acquires Sea Pine for auto insurance action
Zurich North America has acquired 100% ownership of Sea Pine Technologies, a company specialising in digital applications for the marketing of vehicle protection products.
Financial details were not disclosed. Zurich is a provider of automotive finance & insurance (F&I) products and services in the US – and says the move expands its offerings to auto dealers and car owners.
Anurag Batta, head of strategy, innovation and business development for Zurich North America, says the “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”.
Founded in 2016 and based in Dallas, Texas, Sea Pine has several proprietary digital applications that work “beyond the traditional finance office”.
In 2018, Zurich began its relationship with Sea Pine on a pilot programme with auto dealers testing Sea Pine’s digital application. That pilot saw a “significant increase” in F&I product sales through additional channels.
According to Zurich, it can trace its roots in the US automotive industry back to 1922 with the founding of Universal Underwriters. Today, its services include commercial insurance, compliance resources and reinsurance programmes.