Business Moves
Allstate, Esurance, Answer Financial
The Allstate Corp. said it has obtained all required regulatory approvals and closed its acquisition of Esurance and Answer Financial from White Mountains Insurance Group Ltd.
The purchase price was approximately $1 billion.
Esurance provides personal auto insurance direct to consumers online and through select agents, including sister company Answer Financial.
Allstate announced the deal in May.
Allstate’s announcement said that 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 said it will 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.
Wright Group, Pells
A pair of Colorado insurance firms have joined forces for an expansion in the area, as well as nationally. Denver, Colo.-based Pells, which was established in 1929, joins The Wright Group at its headquarters in Denver. Both companies have mutual specializations, focusing on the insurance, risk management, benefits and retirement products.
Wells Fargo, ISU Stetson-Beemer
The insurance unit of Wells Fargo & Co. has purchased ISU Stetson-Beemer Insurance, an insurance brokerage and consulting firm in Reno, Nev. The purchase closed on Sept. 1. Terms were not disclosed.
Stetson-Beemer, founded in 1923, provides employee benefits and commercial property/casualty insurance. President Richard Schield and a team of about 24 employees will join Wells Fargo Insurance Services’ Reno office.
This is the second acquisition this year of a small firm announced by Chicago-based Wells Fargo Insurance Services USA Inc. In early January it acquired Prestige Professional Plans, a single office, employee benefits brokerage firm in Dayton, Ohio.
MOC, San Francisco Insurance Center
San Francisco Insurance Center has joined MOC Insurance Services, the two Northern California firms announced.
Van Maroevich, president and CEO of San Francisco-based MOC Insurance Services, and Fred S. Nagle, III, president of San Francisco Insurance Center, said the merger yields a combined entity of 65 employees servicing business and personal clients with annual premiums exceeding $100 million. The merger was effective Sept. 1.
The company’s risk and claims management expertise focuses in the industries of real estate, entertainment, thoroughbred racing, agriculture and viticulture, marine and aviation.
Align Financial, Excellere
San Diego, Calif.-based Align Financial Group LLC has partnered with private equity firm Excellere Partners, of Denver, to form Personable Holdings Inc., an independent, non-standard auto insurance provider.
Personable Holdings recently acquired the non-standard auto insurance operations of Align General Insurance Agency, which includes partnerships with multiple insurance carriers with independent agents in California and Texas.
The company plans to expand its capabilities with acquisitions of additional non-standard auto assets and businesses in a number of key strategic states.
“We are building a non-standard auto insurance company that will efficiently deliver a choice of competitive products to independent agents via a single point of access for policy sales and servicing,” Kieran Sweeney, chairman of Personable and CEO of Align, said in a statement.
Align Financial Group LLC is a Delaware domiciled insurance holding company that owns Align General Insurance Agency Inc., Public Livery Insurance Services Inc. and E.L.M Insurance Brokers Inc., which act as a general agency, program underwriting manager and wholesale broker.
Excellere Partners reportedly manages $730 million in committed capital.
SNL Financial, Summit Business Media
Summit Business Media has sold its insurance financial information unit. Another financial information firm, SNL Financial, said it has acquired the Summit Business Media insurance information services unit, Highline Data, which resells insurance company data from regulatory agencies.