NU Online News Service, Dec. 7, 11:32 a.m. – Quotesmith.com Inc., Darien, Ill., a Web insurance agency, says it has acquired the assets of Insurance News Network L.L.C., West Hartford, Conn., for $1.4 million in cash and 316,000 stock options.
The assets include an insurance news Web site that the network publishes, at http://www.insure.com
The Insure.com site is one of the seven most visited insurance sites on the Web, and it now serves an average of 400,000 visitors per month, Quotesmith says.
Robert Bland, Quotesmith chairman, said in a statement that his company hopes adding the Insure.com content will help his company attract new customers
The Insure.com site will maintain its editorial staff, its brand name and its offices in West Hartford, Quotesmith says.
Philip Moeller, the publisher, will join Quotesmith as a senior vice president.
Meanwhile, Quotesmith says it is doing well and expects to end the year with $17 million in cash and short-term investments.
Quotesmith believes it can achieve profitability without selling more stock or taking out more loans, the company says.