Allstate Life Insurance Company called Everlake since 2021
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
Who is Everlake Life Insurance Company?
Everlake Life Insurance Company contact information
Customer Service Numbers Tel. 833-879-0775
FAX 833-636-0034
Visit Everlake website
