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.
