Answer Financial
Allstate closes on purchase of Esurance and Answer FinancialPosted by RJ and Makay on Oct 10, 2011 |
>> Read More RJ & Makay Blog Posts
Allstate Corp. has closed on its acquisition of Esurance and Answer Financial from White Mountains Insurance Group Ltd. for approximately $1 billion, Allstate said last Friday. The deal, which was announced in May, is expected to be non-diluted to Allstate’s earnings in the second full year of ownership, according to the company.
Allstate buys two online insurance companiesPosted by RJ and Makay on May 20, 2011 |
Allstate Corp. has agreed to pay $1 billion to buy online insurance companies Esurance and Answer Financial to capture more business from customers who shop online for insurance. Allstate is buying the companies from White Mountains Insurance Group, Ltd., a Bermuda-based financial services holding company.
Esurance, through its website and 24/7 call center, is the nation’s third-largest provider of auto insurance. Since 2006, the company has more than doubled the number of its policies and grown premiums by an average of 20% a year. It sells insurance in thirty states and also offers other personal lines coverage. The company has a total of 839,000 policies in force, and added approximately 65,000 polices in 2010, an increase of 8%.
Daniel J. Boorstin (American social historian and educator, 1914)
