Allstate closes $400 million sale of subsidiary
NORTHBROOK -- The Allstate Corp. said it has obtained all regulatory approvals and closed the sale of Allstate Life Insurance Company of New York to buyer Wilton Re for approximately $400 million.
"Closing on the sale of ALNY is a significant step in Allstate's strategy of increasing personal property-liability market share and expanding protection services, while deploying capital out of the life and annuity businesses," 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 Co., 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 and annuity businesses. Allstate agents and exclusive financial specialists continue to meet customers' needs by offering a full suite of life insurance and retirement solutions from third-party providers.