White Mountains completes purchase of significant minority stake in
Car insurance comparison website comparenow.com continues to grow with
additional investment from industry leader White Mountains Insurance Group,
RICHMOND, Va., Jan. 10, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Comparenow.com
announced today that White Mountains Insurance Group, Ltd. (NYSE: WTM) has
completed the purchase of a significant minority ownership stake in the car
insurance comparison website. Effective December 18, 2013, White Mountains
owns 21.1% of the outstanding shares of comparenow.com. The former owner of
Esurance and Answer Financial, White Mountains is an experienced and respected
investor in the insurance industry.
Comparenow.com was launched in March of 2013 to simplify auto insurance
shopping for US consumers. The site is the first in the US to allow consumers
to fill out a single online form – guiding them through the process the entire
time - and then immediately return a side-by-side comparison of real, unbiased
quotes from multiple licensed auto insurance companies.
The quotes are a true "apples to apples" comparison because the insurance
companies available through comparenow.com consider the exact same driver and
vehicle information in order to quote a price. Site users can review the
provided quotes, and then one click will allow them to purchase that selected
policy directly from their chosen insurer on the web, over the phone, or with
a local agent.
White Mountains Managing Director Manning Rountree said, "US consumers use
price comparison when shopping for many of their purchases, such as travel.
Comparenow.com is positioned to take a leading position in car insurance price
comparison. We are pleased to have invested significant capital in what we
believe is a unique business with the potential to significantly impact the
manner in which car insurance is sold. This is a win-win transaction, and we
look forward to working with Andrew Rose and his team."
Andrew Rose, Chief Executive Officer of comparenow.com, confirmed that the
share purchase transaction with White Mountains was completed as of December
18, 2013. "We are excited to have an industry leading investment group like
White Mountains select us to be part of their portfolio. It's a clear vote of
confidence in our business plan and accomplishments to date. We look forward
to benefitting from White Mountain's industry experience and to exceeding
their expectations as we grow in 2014 and beyond."
ABOUT WHITE MOUNTAINS
White Mountains is a Bermuda-domiciled financial services holding company
traded on the New York Stock Exchange and the Bermuda Stock Exchange under the
symbol WTM. Additional financial information and other items of interest are
available at the Company's web site located at http://www.whitemountains.com.
Comparenow.com is a limited liability corporation headquartered in Richmond,
VA. Majority owned by the Admiral Group plc, the UK's second largest auto
insurer and a member of the FTSE 100, comparenow.com offers car insurance
comparison services for US consumers.
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