BOSTON, MA - July 17, 2003 - Fidelity Capital announced today the sale of its award-winning Insurance.com business, an online insurance marketplace, to ComparisonMarket Inc., the leading provider of instant, accurate, comparative auto insurance quotes to consumers. Terms of the sale were not disclosed.
"Insurance.com is at a point in its growth where we believe this sale makes sense to ensure the next phase of its development and the continued growth of the online insurance marketplace," said Jack Conrad, a managing director of Fidelity Capital, the Fidelity Investments business unit responsible for Insurance.com. "Having worked closely with ComparisonMarket for the past two years, we are confident that the complementary strengths of ComparisonMarket and Insurance.com will position the company for future success and further strengthen the Insurance.com brand."
"This is a tremendous opportunity for both ComparisonMarket and Insurance.com," said David L. Roush, chief executive officer of ComparisonMarket. "The strength of the Insurance.com brand and the quality of the strategic marketing partnerships they have forged will significantly contribute to the growth of our business over time. I look forward to working with everyone to maximize the strengths of these two great businesses."
Insurance.com is an online insurance marketplace that allows consumers to evaluate their personal insurance needs, receive comparative quotes from multiple top providers, and ultimately purchase insurance products through the site. The company has been consistently recognized for the quality of its website and the services it provides. In 2000, Insurance.com was named Best Insurance site by Money magazine and was praised by Smart Money for its ease of use and wide range of quotes. Insurance.com was also selected by WebFinance as Best Insurance site in its 2001 Clicks and Picks Awards. "This transition will allow the Insurance.com business to build upon these successes and continue to deliver the best insurance marketplace," said Lou Geremia, president of Insurance.com, who will join ComparisonMarket to continue leading the Insurance.com business.
About Fidelity Captial
Fidelity Capital is a new business development and venture capital arm of Fidelity Investments. It invests private equity on behalf of Fidelity Investments in a wide variety of businesses including building supplies, transportation, hospitality, and human resources.
ComparisonMarket, Inc., based in Solon, Ohio, owns and operates Insurance.com. The Insurance.com website enables consumers to instantly compare and buy competitive auto insurance quotes directly from any of more than a dozen leading insurance companies. When ready to purchase, users have the option of completing the transaction online or talking directly to an unbiased licensed agent. Other products include life, health and home insurance as well as travel, dental and pet health insurance.
In addition to Insurance.com, ComparisonMarket provides private labeled solutions to financial institutions, affinity groups and online marketplaces to offer their customers real choice and savings opportunities on auto insurance.
Dave Roush, CEO
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