Pricelock to Offer Fuel Price Protection to Assurex Global Partners in North America

Pricelock helps clients control fuel price risk and protect their bottom line

REDWOOD CITY, Calif.--(BUSINESS WIRE)--Pricelock, the leading online provider of fuel price protection and budget predictability for small, medium and large businesses, has formed an alliance with Assurex Global, the world’s largest network of independent insurance brokers.

“I have sold fuel price protection to clients—among them a full service landscaping business serving clients in three states and a family-owned retailer with 39 stores—who are relieved knowing that they have eliminated fuel budget variability, protected their profits and can focus on growing their business”

Assurex Global's network of independent insurance brokers in North America can now offer Pricelock's innovative fuel price protection program to their clients. The program will provide a cash payment to clients when gas or diesel prices go above a protection price they select. Each month of the protection plan, Pricelock will compare the protection price to the U.S. Dept. of Energy national average for gas or diesel prices. Any month the national average is greater than the protection price, Pricelock will pay protected clients the difference.

“Partners in the Assurex Global network offer the most comprehensive risk management portfolio available today to businesses of all sizes, and Pricelock is proud to be able to serve their diverse client base in the U.S. and Canada,” said Naveen Agarwal, CEO of Pricelock. “Businesses are feeling the pain of high gas prices. Assurex Global’s network of brokers can now deliver an easy and innovative risk management solution to this problem.”

Jon Miles, Vice President, Northeast Region of Engle-Hambright & Davies, an Assurex Global Partner, has already been working with Pricelock and offers examples of the tremendous benefits available to businesses.

“I have sold fuel price protection to clients—among them a full service landscaping business serving clients in three states and a family-owned retailer with 39 stores—who are relieved knowing that they have eliminated fuel budget variability, protected their profits and can focus on growing their business,” he said. “Importantly, clients with Pricelock’s fuel price protection recognize that our firm has brought them a unique program beyond the hazard risk area that other agencies traditionally focus on.”

He added, “For me, this product is a great way to continue building my relationship with clients and further cement my position as a trusted business advisor.”

Last year, Pricelock and its founder and co-chairman, Robert Fell were honored with Risk & Insurance magazine’s 2010 Risk Innovator™ Award.

About Assurex Global

Founded in 1954, Assurex Global has 108 brokers who service clients from more than 500 offices on six continents. With more than $29 billion in annual premium volume, Assurex Global is the world’s largest privately held network of independent agencies/brokers offering risk management, commercial insurance and employee benefits. For a complete listing of Assurex Global offices, or for more information, visit www.assurexglobal.com.

About Pricelock

Pricelock, headquartered in Redwood City, Calif., offers online fuel hedging and price protection that makes fuel costs predictable for small, medium and large companies in the US. By aggregating demand, Pricelock is empowering small and medium businesses to control fuel costs in ways that were previously only available to large fuel buyers. Pricelock has been awarded the 2010 Risk Innovator™ Award by Risk & Insurance and the 2010 Rising Star Award of Excellence by Platts Global Energy Awards. A full suite of Pricelock’s solutions can be found at www.pricelock.com.