Cravath’s London Office Moves to 100 Cheapside
May 19, 2011
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
July 24, 2025
On July 18, 2025, BroadStreet Partners (“BroadStreet”), a leading middle-market insurance brokerage, announced the successful closing of a strategic investment by an investor group led by Ethos Capital, British Columbia Investment Management Corporation and White Mountains Insurance Group, Ltd. (“White Mountains”). Accounts advised by T. Rowe Price Investment Management, Inc. also participated. Ontario Teachers’ Pension Plan will retain a significant co control stake in BroadStreet and continue its partnership with the Ethos-led investor group. Cravath is representing White Mountains in connection with the transaction.
Deals & Cases
July 07, 2025
On July 7, 2025, White Mountains Insurance Group, Ltd. (“White Mountains”), a Bermuda‑domiciled financial services holding company, announced it has entered into an agreement to acquire a majority stake in Distinguished Programs (“Distinguished”), an MGA and program administrator for special property & casualty insurance. White Mountains will acquire approximately 50% of Distinguished’s outstanding equity interests for $230 million, which will result in White Mountains holding a 51% controlling interest in Distinguished following the closing of the transaction. Cravath is representing White Mountains in connection with the transaction.
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.
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