Allstate completes exit of life and annuity businesses
Allstate has agreed to a transaction in which Wilton Re will pay $220 million to acquire Allstate Life Insurance Company of New York (ALNY). The transaction is expected to close in the second half of 2021, subject to regulatory approval and other closing conditions.
This transaction, along with the previously announced agreement to sell Allstate Life Insurance Company (ALIC) and certain affiliates to entities managed by Blackstone, completes Allstate’s exit from the life and annuity businesses. Allstate agents and exclusive financial specialists will continue to meet customers’ needs by offering a full suite of life insurance and retirement solutions from third-party providers.
“The transaction has minimal impact on our strategy of increasing market share in personal-property liability and expanding protection solutions for customers. Wilton Re is a trusted name with a history of excellent customer service and expert management of life insurance and annuity portfolios, so ALNY customers will be well protected.” – Mario Rizzo, Chief Financial Officer of Allstate.
J.P. Morgan Securities LLC and Ardea Partners LP acted as financial advisers, and Willkie Farr & Gallagher LLP was the legal adviser to Allstate.