Genstar Capital Partners portfolio firm All Web Leads (AWL) has signed an agreement with Bankrate to acquire its insurance business, insuranceQuotes, for around $165m.
Earlier known as Bankrate Insurance, insuranceQuotes.com is said to hold the industry’s largest network of national and local insurance agents from the top insurance firms.
It provides a secure online application process that enables customers to request and compare insurance quotes from multiple firms.
The customer will receive multiple insurance quotes directly from the companies competing for their business, after requesting through an online application process.
Bankrate president and CEO Kenneth Esterow said: "The sale will allow Bankrate to focus its energy and resources on the company’s two core businesses, credit cards and banking, and the great growth opportunities available in the Senior Care vertical.
"The joining together of insuranceQuotes with All Web Leads provides the combined entity significant scale to continue making investments in the rapidly evolving online insurance business."
AWL CEO Bill Daniel said: "This acquisition adds tremendous scale to our business and allows us to bring our industry leading, agency-centric set of premium products to many thousands of new insurance agent and agency customers across the US."
Subject to certain closing conditions, the deal is expected to complete by the end of this year.
Established in 2005, All Web Leads is the premier customer acquisition marketing firm that provides real-time, targeted and high-quality sales leads to top insurance producers.
Image: All Web Leads to acquire insurance business from Bankrate. Photo: courtesy of stockimages / FreeDigitalPhotos.net.