White Mountains Insurance Group has acquired a 42% stake in Answer Financial's outstanding debt and equity, for $30 million.
In conjunction with this acquisition, Answer Financial will be completing a restructuring task. Answer Financial, headquartered in Encino, California, is an online personal insurance agency.
Ray Barrette, CEO of White Mountains, said: We believe that online insurance distribution channels will continue to grow in importance. Answer Financial’s agency platform is a nice complement to Esurance. We are excited to invest in a renewed Answer Financial, further building on our success at Esurance.