Aegon, Pru and others sell stakes in software platform
Aviva, Clerical Medical, Friends Life and Scottish Widows also exit stakes in sale to US firm iPipeline.
Life insurers Aegon, Aviva, Clerical Medical, Friends Life, Prudential and Scottish Widows have sold their stakes in quotation portal Assureweb to American technology firm iPipeline.
Financial services technology firm Assureweb provides a range of comparison and quotation software solutions covering more than 30 product providers across the protection, annuities, personal pensions, investment bonds and equity release sectors.
This year, Assureweb has launched a new service offerings with advisory support services business Tenet Group, which partnered with the firm to launch a white-labelled comparison tool, and network Openwork, which launched a protection app to simplify the quotation process.
iPipeline, based in Pennsylvania, provides software to the insurance and financial services markets.
Shiv Sibal, corporate senior associate at law firm Pinsent Masons, which advised on the transaction, said: “Assureweb has grown with the support of the shareholders and is well placed to maintain its position as a leader in financial services technology solutions.
“We are delighted to have supported the shareholders in their transfer of the stewardship of the business to iPipeline, whose complementary products and experience will allow Assureweb to continue its ascent.”