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Prudential Financial completes acquisition of insurtech startup Assurance IQ

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Prudential Financial completes acquisition of insurtech startup Assurance IQ

Prudential Financial Inc. has completed its acquisition of Assurance IQ for about $2.35 billion.

Chairman and CEO Charles Lowrey, on a Sept. 5 conference call discussing the deal, said Prudential is planning to use the insurtech startup to help it expand into international markets. He did not give a timeframe for looking at the international growth.

Although the price may appear steep, several analysts told S&P Global Market Intelligence that it is a "wise use" of company funds.

Under the terms of the merger, Assurance IQ became a fully owned subsidiary of Prudential at the closing of the deal.