Allstate Corporation has obtained all regulatory approvals and completed the sale of its New York-based life insurance business, the Allstate Life Insurance Company of New York (ALNY), to Wilton Re for approximately $ 400 million.
Mario Rizzo, Chief Financial Officer of Allstate, said:
Allstate’s sale of ALNY to Wilton Re was first announced in March. In a previous statement, Rizzo said the sale “has minimal impact” on its all-state strategy of increasing market share in the movable property liability segment and expanding protection solutions for its customers. Said. The Chief Financial Officer also noted that Wilton Re is a “trustworthy name” with a history of excellent customer service and management by professionals in life insurance and annuity portfolios.
read more: Allstate lost $ 4 billion in withdrawal from life insurance and annuity markets
The deal will occur just months after Allstate sold another life insurance business, Allstate Life Insurance Company (ALIC), to Blackstone for $ 2.8 billion. This includes up to $ 400 million in pre-payment dividends from ALIC. ALIC owns approximately 80% of Allstate’s life and annuity insurance, with revenues of $ 467 million in 2019 and a net loss of $ 23 million in the first nine months of 2020.
read more: Allstate sells life insurance business for nearly $ 3 billion
Both transactions complete their withdrawal from the traditional life insurance and annuity business, according to an Allstate statement. However, keep in mind that Allstate agents and dedicated financial specialists will continue to offer a range of life insurance and retirement solutions from third-party providers.