Priceline.com To Sell Auto Insurance
Monday, August 7th, 2000 AutoLooking to capture a large piece of the personal auto insurance pie, property-casualty insurance holding company W.R. Berkley Corp. has linked up with Priceline.com to offer consumers "Name Your Own Price" auto coverage by early next year. The two companies will combine their resources and professional expertise to form a joint venture—Priceline.com Auto Insurance Agency Inc., the firms announced last week in a joint statement. "This is a new venture for us. It’s our first effort on the Internet," said Eugene Ballard, a representative for W.R. Berkley, based in Greenwich, Conn. "The automobile market is a $120 million market. This was a chance for us to get into that marketplace." Mr. Ballard said the company will work with major auto insurance carriers to offer liability, comprehensive and collision coverage in all 50 states via the Internet but had no plans to engage in any underwriting activity.
