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News & Insights

White Mountains’s Sale of Esurance and Answer Financial Businesses to Allstate

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.

Related Practices & Industries

  • Corporate
  • Mergers and Acquisitions
  • Tax
  • Executive Compensation and Benefits
  • Intellectual Property
  • Financial Services and Insurance

People

Photo
Name
Eric W. Hilfers
Title
Executive Compensation and Benefits
Title
Partner
Email
ehilfers@cravath.com
Phone
+1-212-474-1352
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    Education

    • J.D., 1998, University of Chicago Law School
      with Honors
    • A.B., 1995, Princeton University

    Admitted In

    • New York
    Photo
    Name
    D. Scott Bennett
    Title
    Corporate
    Title
    Partner
    Email
    sbennett@cravath.com
    Phone
    +1-212-474-1132
    vCard
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      Education

      • J.D., 2006, Emory University School of Law
      • B.A., 2002, Duke University

      Admitted In

      • New York
      Photo
      Name
      Christopher K. Fargo
      Title
      Tax
      Title
      Partner
      Email
      cfargo@cravath.com
      Phone
      +1-212-474-1236
      vCard
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        Education

        • J.D., 2006, Columbia Law School
          Harlan Fiske Stone; Michael Lynne Scholar
        • B.A., 2003, Boston College
          Honors Program, cum laude

        Admitted In

        • New York
        Photo
        Name
        Philip A. Gelston
        Title
        Corporate
        Title
        Retired Partner
        Email
        pgelston@cravath.com
        Phone
        +1-212-474-1548
        vCard
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          Education

          • J.D., 1977, Harvard Law School
            Sears Prize, magna cum laude
          • A.B., 1974, Harvard College
            Phi Beta Kappa, cum laude
          Photo
          Name
          Stephen L. Gordon
          Title
          Tax
          Title
          Retired Partner
          Email
          gordon@cravath.com
          Phone
          +1-212-474-9999
          vCard
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            Education

            • J.D., 1981, Harvard Law School
              cum laude
            • A.B., 1978, Cornell University
              cum laude

            Related News & Insights

            Deals & Cases

            April 10, 2025

            White Mountains’ Partnership to Acquire BroadStreet Partners

            On April 10, 2025, an investor group led by White Mountains Insurance Group, Ltd. (“White Mountains”), Ethos Capital and British Columbia Investment Management Corporation announced it will acquire an ownership position in BroadStreet Partners, Inc. (“BroadStreet”), a leading North American insurance brokerage company. Under the terms of the agreement, Ontario Teachers’ Pension Plan will maintain a significant co‑control stake in BroadStreet and operate in partnership with the investment group. Cravath is representing White Mountains in connection with the transaction.

            Deals & Cases

            October 20, 2023

            White Mountains’ Acquisition of a Majority Stake in Bamboo

            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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