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East Windsor’s Insuritas said an Iowa-based financial services provider has hired it to launch private label insurance agencies across its bank holdings in 16 states.
Insuritas will provide its insurance agency software platforms to Heartland Financial USA, which wants to expand its existing agency across its central and western U.S. footprint, which includes nine banks and a residential mortgage company.
Financial terms of the deal were not disclosed. Several years ago, Insuritas raised $10 million to help it take its business nationwide.
“Private label” means that each bank’s agency will be run under its own brand name, the companies said.
Heartland, which trades on the Nasdaq stock exchange, had $6.57 billion in assets as of June 30.
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