Allstate sold Life Insurance Subsidiary to Entities Managed by Blackstone

The Allstate Corporation announced November 2, 2021 that it has closed the sale of Allstate Life Insurance Company (ALIC) and certain subsidiaries to entities managed by Blackstone for total proceeds of $4 billion, which is inclusive of Blackstone’s approximately $2.8 billion purchase price, as well as increases in statutory surplus since March 31, 2020.  Note that this applies to non-New York structured settlement business.

Allstate Stopped Writing Structured Settlement Annuities in 2013

Allstate ceased writing structured settlements in 2013.  In March 2021, Allstate announced the sale of Allstate Life Insurance Company of New York (ALNY) to Wilton Re. The reason for the sales is a business decision by Allstate “to increase personal property-liability market share and expand protection offerings to customers. This sale redeploys capital into highly attractive property-liability and protection service businesses and reduces interest-rate exposure,” according to Tom Wilson, chair, president and CEO of The Allstate Corporation in a company press release.

Gilles Dellaert, Global Head of Blackstone Insurance Solutions, said in the press release: “We are pleased to complete this transaction. We believe the investment outperformance we can deliver through our industry-leading private credit origination platforms – while maintaining strong policyholder protections – will play a vital role in helping meet long-term customer obligations, especially at a time of historically low interest rates.”

Allstate Life Insurance Company Renamed Everlake Life Insurance Company

The Allstate Life Insurance Company business was renamed Everlake Life Insurance (“Everlake”) as part of the transition to ownership by entities managed by Blackstone. 

Who is Everlake Life Insurance Company?

Everlake Life Insurance Company (ELIC) is a USA based insurance company specializing in life insurance and annuities. Everlake U.S. Holdings Company purchased Allstate Life Insurance Company (ALIC), which issued structured settlement annuities in states than New York, and Allstate Assurance Company (AAC) on November 1, 2021. ALIC and AAC had been serving customers since 1957 and 2015, respectively. ALIC and AAC were renamed ELIC and EAC, on November 8, 2021. With over 1.7 million policies in force and over $23 billion in assets under management, Everlake utilizes its experience and financial strength to provide customers with high quality service and policy solutions to meet their needs.

Everlake Life Insurance Company contact information

If you have a structured settlement where all or a portion was funded with an Allstate Life Insurance Company structured settlement annuity, please note the following telephone numbers and fax numbers:

Customer Service Number            800-840-3870 /  877-690-4092  FAX

Death Claims                                    877-499-6418 /  866-635-4523  FAX

Visit Everlake website