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EXHIBIT 99.1
INSWEB CORPORATION
FOR IMMEDIATE RELEASE
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CONTACT:
Greg Jones
Vice President, Public Relations
InsWeb Corporation
650-817-0213
[email protected]
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InsWeb To Acquire QuickenINSURANCE Business From Intuit
InsWeb Will Become the Exclusive Aggregator of Online Consumer Insurance
Services for Quicken.com and Related Sites
SACRAMENTO, CALIF., NOV. 27, 2000 - InsWeb Corp. (Nasdaq: INSW) and Intuit Inc.
(Nasdaq: INTU) announced today they have entered into definitive agreements
designed to strengthen their respective positions in online financial services.
Under the agreements, InsWeb will acquire select assets and related
liabilities of Intuit's QuickenINSURANCE-SM- business, and will become the
exclusive aggregator of online consumer insurance services for
Quicken.com-Registered Trademark-, QuickenINSURANCE and certain Quicken consumer
desktop products.
In exchange, Intuit will receive 16.6 percent of post-close InsWeb
common stock and share in revenues, subject to certain cash minimums, realized
by the two companies' online-distribution arrangement. As part of the
agreements, Intuit may not purchase additional InsWeb shares for a period of
three years. In the first full year following implementation, the agreements are
expected to add $10 million to InsWeb's annual revenues and contribute net cash
of $5 million.
"We are delighted to work with Intuit, a firm which we have always held
in great admiration," said Hussein Enan, chief executive officer of InsWeb. "We
are also delighted to welcome Steve Bennett, Intuit's president and chief
executive officer, to the InsWeb Board of Directors, to which he is expected to
be elected at the close of the transaction."
In addition to featuring InsWeb on Quicken.com and QuickenINSURANCE,
Intuit will seek approval from some of its online-distribution allies to
transfer their consumer insurance offerings from QuickenINSURANCE to InsWeb.
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The agreements, which have been approved by the boards of both
companies, are subject to regulatory clearances and customary closing
conditions. The companies expect the transaction to close in the first calendar
quarter of 2001.
Enan concluded: "The agreements will have no material effect on the
results of our 2000 fiscal year. Also, a specific launch date has not yet been
determined, so we are not adjusting our guidance on fiscal-year 2001 beyond what
we provided on October 19 when we reported our financial results for the third
quarter. We expect to be able to offer more guidance in the coming months."
To further discuss this announcement, InsWeb will host a conference
call today at 1 p.m. (EST). Open to the public, the conference call will be
accessible by dialing 800-618-9690. Following its conclusion, a replay of the
call will be available for 48 hours by dialing 800-633-8284 and entering pass
code 17044472.
ABOUT INSWEB
InsWeb, one of the foremost providers of online-insurance services,
enables Internet consumers to compare free, multiple quotes sponsored by more
than 40 of the nation's top-rated insurers. Featuring auto, term life,
homeowners, renters, condo, health and other insurance offerings, InsWeb
provides live customer service, interactive tools and research capabilities, and
is accessible from more than 200 leading sites, including Yahoo!, MSN, NBCi.com,
E*TRADE, Go Network and LowerMyBills. The company's technology supports InsWeb
Japan K.K., a joint venture co-founded with SOFTBANK Finance Corp. Headquartered
in Sacramento, Calif., InsWeb is accessible at www.insweb.com.
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This news release contains forward-looking statements reflecting
management's current forecast of certain aspects of the transaction and the
Company's future. It is based on current information, which we have assessed,
but which by its nature is dynamic and subject to rapid and even abrupt changes.
Forward-looking statements include statements regarding projected future
revenues and optimism about the results of this transaction. The Company's
actual results might differ materially from those stated or implied by such
forward-looking statements due to risks and uncertainties associated with the
nature of the transaction which include, but are not limited to: the ability to
timely integrate the InsWeb and Intuit online operations; the successful
transitioning of various Intuit partners to InsWeb; the resolution of certain
conditions and obtaining necessary approvals prior to closing. In addition, the
Company's results may be affected by a variety of other factors including: the
Company's ability to timely implement its relocation and restructuring plan;
variations in consumer demand or acceptance; the willingness of insurance
companies to offer their products or instant quotes over the Internet; further
changes in the Company's relationships with existing insurance companies and/or
strategic partners; the Company's ability to attract and integrate new insurance
companies and strategic partners; implementation of competing Internet
strategies by existing and potential insurance Company participants;
implementation and acceptance of new product or service offerings, such as
annuities, binding online, policy fulfillment and other agency based services;
implementation and acceptance of new initiatives in the U.S. and abroad, such as
InsWeb Japan; insurance and financial services industry regulation; competition
in all aspects of the Company's business; fluctuations in operating results; or
other unforeseen factors. The
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forward-looking statements should be considered in the context of these and
other risk factors disclosed in the Company's filings with the Securities and
Exchange Commission.
"INSWEB" is a registered service mark of InsWeb Corporation. All marks
above are those of InsWeb Corporation, except for those of insurance carriers,
brokers, agents, industry organizations, financial institutions, online
partners, service providers, other mentioned companies and educational
institutions, which are the marks of their respective entities.
