US primary insurance carrier, The Allstate Corporation, has completed the trade of Allstate Life Insurance Company (ALIC) and certain accessories to realities managed by private equity investment mammoth, Blackstone.
First blazoned in January 2021, the deal involved total proceeds of$ 4 billion, which included Blackstone’s$2.8 billion purchase price, as well as increases in statutory fat since March 31, 2020.
Following its accession by Blackstone, the ALIC business will be renamed Everlake Life Insurance.
“Allstate’s strategy is toincrease particular property– liability request share and expand protection immolations to guests,” explained aid Tom Wilson, Chair, President, and CEO of The Allstate Corporation.
“This trade redeploys capital into largely seductive property– liability and protection service businesses and reduces interest– rate exposure.”
“We believe the investment outperformance we can deliver through our assiduity– leading private credit fabrication platforms
While maintaining strong policyholder protections – will play a vital part in helping meet long term client scores, especially at a time of historically low-interest rates.”