Allstate Corporation has received all regulatory approvals and completed the sale of Newstate Life Insurance Company of New York (ALNY) from Wilton Re to a New York-based life insurance company for approximately $400 million.
Allstate Chief Financial Officer Mario Rizzo said:
The sale of Allstate ALNY to Wilton Re was first announced in March. In an earlier statement, Rizzo said the sale had “minimal impact” on his government’s strategy to increase market share in the property liability segment and expand security solutions for its customers. On the phone. The CFO also notes that Wilton Re is a “trusted name” with a history of excellent customer service and management by life insurance and annuity portfolio professionals.
The deal comes just months after Allstate sold another life insurance company, Allstate Life Insurance Company (ALIC), to Blackstone for $2.8 billion. This includes dividends of up to $400 million when paid in advance by ALIC. ALIC owns approximately 80% of Allstate’s life and annuity insurance, with sales of $467 million in 2019 and a net loss of $23 million for the first nine months of 2020.
Both transactions completed their withdrawal from traditional life insurance and annuities, according to an Allstate statement. However, note that Allstate agents and specialist financial professionals will continue to offer a variety of third-party life and retirement insurance solutions.