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posted: 3/29/2021 2:01 PM

Allstate to sell last life insurance company

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NORTHBROOK -- Allstate Corp. Monday said it has agreed to sell Allstate Life Insurance Co. of New York to Wilton Re for $220 million. The transaction is expected to close in the second half of 2021, subject to regulatory approval and other closing conditions.

This transaction, along with the previously announced agreement to sell Allstate Life Insurance Co. and certain affiliates to entities managed by Blackstone, completes Allstate's exit from the life and annuity businesses.

Allstate agents and exclusive financial specialists will continue to meet customers' needs by offering a full suite of life insurance and retirement solutions from third-party providers, the insurer said.

"This transaction has minimal impact on our strategy of increasing market share in personal property-liability and expanding protection solutions for customers. Wilton Re is a trusted name with a history of excellent customer service and expert management of life insurance and annuity portfolios, so ALNY customers will be well protected," said Mario Rizzo, chief financial officer of Allstate.