Dewey Reps Allstate In $1B Insurance Quote Cos. Buy

Law360, New York (May 18, 2011, 11:51 AM EDT) -- Allstate Corp. said Wednesday it would pay about $1 billion to buy insurance quote providers Esurance and Answer Financial from financial services holding company White Mountains Insurance Group Ltd. in an effort to amp up its consumer client base.

Under the terms of the deal, Allstate will shell out $700 million in cash plus the tangible book value of the two businesses for an expected total price of about $1 billion. The acquisitions should enhance Allstate's appeal to more "self-directed" insurance customers who are looking for...
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