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Allstate Corporation has obtained all required regulatory approvals and completed the sale of Allstate Life Insurance Company of New York to Wilton Re for $ 400 million.
Earlier this year, Allstate agreed to sell Allstate Life Insurance Company to Everlake US Holdings Company, an entity managed by Blackstone Group.
This separate transaction is expected to close in 2021, subject to regulatory approval and other closing conditions.
Together, these transactions complement Allstate’s exit from the traditional life insurance and annuity business.
The firm’s exclusive agents and financial specialists continue to serve clients’ needs by offering a full suite of life insurance and retirement solutions from third party providers.
“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 business. life insurance and annuities, ”said Mario Rizzo, Chief Financial Officer of Allstate.
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