Allstate Completes Sale of New York Life Insurance and Annuity Businesses
NORTHBROK, Illinois – (COMMERCIAL THREAD) – Allstate Corporation (NYSE: ALL) today announced that it has obtained all required regulatory approvals and has completed the sale of Allstate Life Insurance Company of New York (ALNY) to Wilton Re for approximately $ 400 million.
“The closing of the sale of ALNY is an important step in Allstate’s strategy to increase the personal property liability market share and expand protection services, while deploying capital outside the operations of ‘life insurance and annuities,’ said Mario Rizzo, chief financial officer of Allstate.
In a separate transaction announced earlier this year, Allstate agreed to sell Allstate Life Insurance Company to Everlake US Holdings Company, an entity managed by Blackstone Group. This transaction is expected to close in 2021, subject to regulatory approval and other closing conditions.
These transactions will complete Allstate’s exit from the traditional life insurance and annuity business. Allstate agents and exclusive financial specialists continue to serve clients’ needs by offering a full suite of life insurance and pension solutions from third party providers.
Allstate Corporation (NYSE: ALL) protects people from the vagaries of life with a circle of protection that includes cars, homes, electronics, employee benefits, and identity theft. Products are available through an extensive distribution network including Allstate agents, independent agents, major retailers, online and in the workplace. Allstate is widely known for the slogan “You are in good hands with Allstate”.
Financial information, including important announcements relating to The Allstate Corporation, is regularly posted on www.allstateinvestors.com.
About Wilton Re:
Wilton Re is a leading provider of in-force solutions and reinsurance to the North American life insurance industry. With its proven track record, Wilton Re creates customized solutions that meet the capital and operational needs of its clients. For more information on Wilton Re, please visit www.wiltonre.com.
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