Blackstone Group to purchase Allstate life insurance business for $2.8B

Allstate Life insurance - money - financial - US Dollars

The sale will make it possible for Allstate to focus on its personal property-liability units. Blackstone Group Inc. has announced its agreement to purchase an Allstate life insurance business for $2.8 billion. This move was made as the private equity firm has been broadening its strategy within the insurance industry. The purchase is being made by entities managed by Blackstone Group, according to the announcement. Though the Allstate life insurance business will be sold to the private equity firm, the insurer will be holding onto a New York life business.…

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