Under the terms of the agreement, Prudential will pay an initial $2.35 billion for the acquisition, followed by $1.15 billion more should Assurance achieve certain growth objectives in subsequent years. Assurance will become a wholly owned Prudential subsidiary, with the CEO and president of the analytics startup both retaining their positions.
Under the acquisition, which is expected to close early in the fourth quarter of this year, Assurance’s on-demand, direct-to-consumer platform will be added to Prudential’s financial wellness offerings, and will help the insurance giant reach a more economically diverse consumer base.
“Assurance was founded to protect and improve the personal and financial health of every individual,” Michael Rowell, Assurance’s co-founder and CEO, said in a statement. “We are excited to create an ecosystem that reaches more people and new markets with a more expansive suite of products to drive our combined growth.”
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