Online loan marketplace LendingTree Inc. announced it has agreed to acquire QuoteWizard.com LLC, which operates an insurance comparison online marketplace, for $370.2 million.

The transaction includes $300 million in cash at closing, and contingent consideration payments of up to $70.2 million.

The transaction is expected to close in the fourth quarter.

LendingTree has already agreed to acquire Ovation Credit Services Inc. for $20.75 million in May.

QuoteWizard, which is based in Seattle, Washington, helps consumers navigate the insurance landscape and enable easy comparison shopping. Since its founding in 2006, QuoteWizard has helped nearly 40 million consumers find insurance policies.

The acquisition is intended to help LendingTree further diversify and expand into the insurance industry.

“By acquiring QuoteWizard, LendingTree will establish itself as a leading player in the online insurance advertising industry, while continuing our ongoing diversification within the financial services category,” said Doug Lebda, founder and CEO of LendingTree, in a statement.

Scott Peyree, co-founder and CEO of QuoteWizard, said that the acquisition would give QuoteWizard the reach and tools it needs to continue the growth trajectory.

“LendingTree’s strong brand identity, online marketing and technology capabilities are the ideal match for what we’ve built at QuoteWizard,” Peyree said in a statement.

LendingTree’s stock price fell $3.58, or 1.70 percent, to $206.60 on Thursday.