NORTHBROOK, Ill., Oct. 7, 2011 /PRNewswire/ -- The Allstate
Corporation (NYSE: ALL) today announced that it has obtained all
required regulatory approvals and closed its acquisition of
Esurance and Answer Financial from White Mountains Insurance Group,
Ltd. (NYSE: WTM). The purchase price was approximately $1 billion. The transaction is expected to be
non-dilutive to Allstate's earnings in the second full year of
ownership.
"Allstate is uniquely positioned to serve different customer
segments with unique products and services," said Thomas J. Wilson, Allstate's president, chairman
and chief executive officer. "This transaction provides
immediate incremental growth in customer relationships and makes
Allstate the only company serving all four major consumer segments
based on their preferences for advice and choice. Allstate agencies
serve personal touch loyalists who prefer local personal advice and
are brand-sensitive. Esurance provides the business platform to
serve the self-directed, brand-sensitive market segment. Answer
Financial strengthens our offering to self-directed consumers who
want a choice between insurance carriers. Customers who utilize
independent agents and are brand-neutral are served by our
Encompass operation."
In the coming months, the Esurance management team will work to
enhance its operational and marketing effectiveness by leveraging
Allstate's brand, pricing expertise and claims capabilities.
Allstate intends to maintain the current headquarters of Esurance
in San Francisco and Answer
Financial in Los Angeles. These
operations will be reported in the Allstate Protection reporting
segment.
The Allstate Corporation (NYSE: ALL) is the nation's largest
publicly held personal lines insurer known for its "You're In Good
Hands With Allstate®" slogan. Now celebrating its 80th anniversary
as an insurer, Allstate is reinventing protection and retirement to
help nearly 16 million households insure what they have today and
better prepare for tomorrow. Consumers access Allstate insurance
products (auto, home, life and retirement) and services through
Allstate agencies, independent agencies, and Allstate exclusive
financial representatives in the U.S. and Canada, as well as via www.allstate.com and
1-800-Allstate®.
Esurance provides personal auto insurance direct to consumers
online and through select agents, including sister company Answer
Financial. Esurance is dedicated to constantly improving the way
people shop for, buy, and manage their auto insurance. By combining
the best of technology with industry know-how, Esurance is able to
offer hassle-free coverage with 24/7 customer service and claims
handling at competitive prices. For more information, visit
www.esurance.com and www.answerfinancial.com.
SOURCE The Allstate Corporation