AUSTIN, TX -- All Web Leads (AWL), a Genstar Capital portfolio company and the premier customer acquisition marketing company focused on the U.S. insurance industry, announced today the signing of a definitive agreement to acquire insuranceQuotes.com, Bankrate, Inc.'s (NYSE: RATE) insurance division. The total transaction purchase price is $165 million and the transaction is expected to close by the end of the year.
insuranceQuotes.com, formerly known as Bankrate Insurance, has the industry's largest network of national and local insurance agents from the top insurance companies and a simple secure online application process that allows a consumer to request and compare unique insurance quotes from multiple companies. Within minutes of requesting them, a consumer receives multiple insurance quotes directly from the companies competing for their business.
AWL CEO Bill Daniel, said, "We are thrilled to have the Bankrate insurance division become a part of AWL. 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 U.S. We expect to bring all of our customers a level of performance and service surpassing anything they have experienced before."
AWL has grown to become the largest private company in the industry and has set the standard for product innovation with products such as its pioneering Qualified Concierge Calls service, which matches highly qualified shoppers with insurance agents through live telephone calls. After this acquisition is completed, AWL's clients will include the top 20 U.S. property and casualty insurance carriers, most of the largest U.S. health insurers, and over 30,000 individual insurance agents and agencies in all 50 U.S. states.
J. Ryan Clark, Managing Director at Genstar Capital, commented, "This is a very compelling acquisition for AWL which we expect will have a transformational impact on the company. Genstar has executed a number of strategic acquisitions across our portfolio of investments to create tremendous value, and we will aggressively support consolidation in this market with our AWL platform."
Kenneth S. Esterow, Bankrate's President and CEO, said, "We are excited to reach this agreement with AWL, which we believe will help the insuranceQuotes.com business achieve its long term vision. 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."
About All Web Leads
Founded in 2005, All Web Leads (www.allwebleads.com) is the premier customer acquisition marketing company focused on the U.S. insurance industry. The company delivers real-time, targeted, high-quality sales leads to top insurance producers. AWL's technology-driven approach to online marketing helps bring together agents with qualified customers who are actively searching online for insurance products. The company's award-winning insurance leads, calls and clicks programs lead the industry in conversion, qualification and volume according to recent surveys. The company is headquartered in Austin, TX.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for more than 20 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of operating executives and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar manages funds with total capital commitments of over $3 billion and targets investments focused on selected sectors within the financial services, software, industrial technology, and healthcare industries.
For Genstar: Chris Tofalli
Chris Tofalli Public Relations
For AWL: Cortney Johnson
Chief Financial Officer