SACRAMENTO, Calif., June 20, 2001 — InsWeb Corporation (Nasdaq: INSW), the nation’s top-rated online insurance marketplace, announced today that its board of directors has authorized a program to repurchase up to 1 million shares of common stock over the next six months.
“Management and the board of directors of InsWeb believe that the current market price for the Company’s stock understates the current and long-term value of the Company,” said Hussein Enan, Chief Executive Officer of InsWeb. “We therefore believe that this repurchase program is a good investment and is in the best interests of our shareholders.”
Mr. Enan continued, “With more than $46 million in cash and short-term investments as of March 31, 2001, we are confident that we can become cash-flow positive with the working capital available, while investing in the repurchase of InsWeb stock.”
Repurchases may be conducted either on the open market, negotiated transactions, or by other means, from time to time, depending upon market conditions and other factors. The repurchased shares will be treated as treasury stock and may be used for acquisitions or other general corporate purposes. As of March 31, 2001, InsWeb had 42,326,000 shares of common stock outstanding.
InsWeb (Nasdaq: INSW) enables Internet consumers to compare multiple, actionable quotes for auto, term life, health, homeowners, renters and condominium insurance. The nation’s top-rated online insurance marketplace also provides live customer service, interactive tools and independent research. Headquartered in Sacramento, Calif., InsWeb is accessible at www.insweb.com and through such prominent sites as MSN, Quicken.com and Yahoo!