Zurich Insurance Acquires Dallas Digital Applications Firm, Sea Pine Technologies

Schaumburg, Illinois-based insurer Zurich North America has acquired 100 percent ownership of Sea Pine Technologies, a Dallas-based company specializing in digital applications for the marketing of vehicle protection products.

Zurich provides automotive finance and insurance (F&I) products and services in the United States. The company said this strategic move further expands Zurich’s automotive F&I capabilities and strengthens its innovative offerings to both auto dealers and car owners.

Founded in 2016 and led by CEO Andrew Rosen, Sea Pine Technologies offers 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.

According to Zurich, auto dealers for years have been searching for new ways to successfully sell F&I products beyond the traditional finance office. In 2018, Zurich began its relationship with Sea Pine collaborating on a pilot program with auto dealers testing Sea Pine’s digital application. In the company’s announcement, Vince Santivasi, head of Direct Markets for Zurich North America, said 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.

The closing took place on Jan. 31, 2019.

Zurich provides commercial insurance, F&I products and services, consultative training services, its Streamlined Selling System illuminate, income development technology, compliance resources and reinsurance programs to the automotive retail industry segment, including franchised auto dealerships.

Source: Zurich North America

Topics Mergers & Acquisitions Auto