Four Decades for Justice
On May 18, 2011, White Mountains Insurance Group, Ltd. announced that it has signed a definitive agreement to sell its Esurance and Answer Financial businesses to The Allstate Corporation for an amount in cash equal to $700 million plus the tangible book value at closing of the entities being sold. Cravath represented White Mountains Insurance Group in connection with this transaction. Esurance sells personal auto insurance directly to customers on-line and through call centers. Answer Financial is one of the largest independent personal insurance agencies in the United States.
The transaction, which is expected to close in the fall of 2011, is subject to regulatory approval and other customary closing conditions.
The Cravath team included partners Philip A. Gelston and Erik R. Tavzel, practice area attorney Peter A. Emmi and associates Donald Scott Bennett, Robert Earl Benson Jr. and Meaghan S. Nelson on corporate matters; partner Stephen L. Gordon and associate Christopher K. Fargo on tax matters; and partner Eric W. Hilfers, practice area attorney Michael Krasnovsky and associate Brian J. Cathey on executive compensation and benefits matters. Antje Hagena also worked on tax matters.
Deals & Cases
October 20, 2023
On October 20, 2023, White Mountains Insurance Group, Ltd. (“White Mountains”), a Bermuda‑domiciled financial services holding company, announced that it has entered into an agreement to acquire a majority stake in Bamboo Ide8 Insurance Services, LLC (“Bamboo”), a managing general agent focused on the California homeowners insurance market. White Mountains expects to invest approximately $285 million, including primary capital to support Bamboo's growth, and to acquire approximately 70% of Bamboo’s outstanding equity interests. Cravath is representing White Mountains in connection with the transaction.
Deals & Cases
May 26, 2022
On May 26, 2022, Kudu Investment Management, LLC (“Kudu”), an independent provider of permanent capital solutions to asset and wealth managers worldwide, announced that White Mountains Insurance Group, Ltd. (“White Mountains”) has agreed to contribute an additional $50 million of equity capital to Kudu, alongside a new investment in Kudu by Massachusetts Mutual Life Insurance Company. As a result of the transaction, White Mountains’ equity ownership of Kudu decreased from 99% to 89%. Cravath is representing White Mountains in connection with the transaction.
Deals & Cases
May 09, 2022
On May 9, 2022, White Mountains Insurance Group, Ltd. (“White Mountains”), a financial services holding company, announced that it has signed a definitive agreement to sell NSM Insurance Group (“NSM”), a full‑service MGA and program administrator for specialty property and casualty insurance, to investment funds affiliated with global investment firm Carlyle. The transaction values NSM at $1.775 billion. Cravath is representing White Mountains and NSM in connection with the transaction.
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