Esurance.com, a provider of insurance services through financial intermediaries, has been bought by Folksamerica Holding Co., a re-insurer based in New York. The price was not disclosed.
Folksamerica is a subsidiary of White Mountains Insurance Group, a Bermuda-based financial services holding company specializing in reinsurance. Esurance.com will be a stand-alone subsidiary of Folksamerica and remain in San Francisco.
Esurance's third round of venture capital funding fell through, company CEO Jean-Bernard Duler said in explaining why it sold. The decision came as Esurance was scaling back its efforts in online sales of homeowner insurance.
Folksamerica will assume a portion of Esurance's re-insurance needs.
