Bankrate to acquire online insurance sites
Bankrate Inc. has agreed to acquire the insurance lead and marketing business of InsWeb Corp. for $65 million in cash, the South Florida Business Journal reported. The deal includes InsWeb.com, where users can compare insurance quotes and read tips about obtaining insurance. It also gives Bankrate ownership of InsuranceRates.com, LocalInsuranceAgents.com, MedHealthInsurance.com and AgentInsider.com. InsWeb would retain some e-commerce and online insurance distribution patents, and North Palm Beach-based Bankrate (NYSE: RATE) would get license to use them royalty-free. The shareholders of Sacramento, Calif.-based InsWeb still need to approve the deal.