Allstate Puts its Life Insurance Unit in Blackstone’s Good Hands
Posted on 01/27/2021
On January 26, 2021, The Allstate Corporation sold Allstate Life Insurance Company to Antelope US Holdings Company, a corporation incorporated under the laws of the State of Delaware, an affiliate of an investment fund associated with The Blackstone Group Inc. Blackstone will acquire all of Allstate Life Insurance Company’s subsidiaries except for Allstate Life Insurance Company of New York. The total consideration to be paid by Blackstone to the Sellers is expected to be approximately US$ 2.8 billion in cash, subject to adjustment as specified in the Purchase Agreement, which may include downward adjustment for an up to US$ 400 million pre-closing extraordinary dividend from Allstate Life Insurance, if any, to Allstate Insurance Company. Allstate has been surgically deploying capital out of spread-based products with life and annuity liabilities declining to US$ 5 billion after the closing of
Allstate To Sell Allstate Life Insurance To Blackstone For $2.8 Bln
Allstate Corp. has agreed to sell Allstate Life Insurance Co. or ALIC to entities managed by Blackstone for $2.8 billion, including a pre-closing dividend from ALIC of up to $400 million. The sale excludes Allstate Life Insurance Company of New York. Blackstone will enter into an asset management agreement for ALIC’s $28 billion.
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