Intuit Completes Sale of QuickenInsurance Business to InsWeb

Intuit Inc., a provider of financial management solutions to small businesses and consumers, has completed the sale of selected assets of its QuickenInsurance business to InsWeb Corp. Intuit has received a 16.6 percent equity stake in InsWeb, valued at approximately $11.4 million, based on the closing price of InsWeb’s stock yesterday.

Intuit and InsWeb also signed a separate agreement that makes InsWeb the exclusive consumer insurance aggregator for Intuit’s Quicken.com and QuickenInsurance Web sites and certain consumer desktop products.

In exchange, Intuit will share in associated revenues, which are subject to certain minimums. Intuit and InsWeb announced they had reached agreement for these transactions on Nov. 27, 2000.