O.co, better known as online bargain retailer Overstock.com Inc., is now offering auto and home insurance on its Web site. The online retailer of furniture, clothing and gifts has partnered with online personal lines insurance agency Answer Financial to offer comparison quotes in all 50 states from as many as 20 insurance companies.
“Expanding our services to a new industry, and especially to insurance, which has always held a special place in my heart, is a natural extension of O.co,” said O.co CEO Patrick Byrne.
Patrick Byrne is the son of John J. Byrne, formerly chairman of Berkshire Hathaway’s Geico Insurance, who also headed the insurance holding company White Mountains Insurance Group, which currently owns Answer Financial.
In May 2011, White Mountains announced it is selling Esurance and Answer Financial to The Allstate Corp. The transaction is expected to close in the fall of 2011.
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