Zurich Acquires Sea Pine Technologies
Zurich North America has announced the acquisition of Sea Pine Technologies, a Dallas-based company specializing in digital applications to market vehicle protection products.
“Zurich continues to invest in the businesses and customer segments where it sees the best opportunities for excellence. 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.” – Zurich North America CEO Kathleen Savio.
Founded in 2016 and based in Dallas, Texas, Sea Pine helps auto dealers better serve their customers and sell more automative finance and insurance (F&I) products by leveraging technology to deliver a modern, comprehensive and efficient buying experience. Today, the company boasts several 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.
“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.” – Head of Strategy, Innovation and Business Development for Zurich North America, Anurag Batta.
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. Santivasi now serves as president of the Sea Pine Board of Directors.
“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. 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.” – Sea Pine Technologies CEO Andrew Rosen.
Recall insurance-related M&A here.