Allstate (NYSE:ALL) said today it has agreed to acquire Esurance and Answer Financial from White Mountains Insurance Group (NYSE:WTM) for $700 million plus the tangible book value of the assets at close, expected to bring the total purchase price to $1 billion.
Esurance provides online auto insurance quotes, while Answer Financial gives quote comparisons and assistance from 20 brand-name insurance companies.
Allstate said the Esurance acquisition will expand its ability to serve more self-directed customer who want a branded product, while the Answer Financial deal with strengthen its offerings to individuals who want a choice between insurance carriers and are brand-neutral.
Allstate said the transaction is expected to close in the fall and is expected to be non-dilutive to earnings in the second full year of ownership.
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