The insurer has announced the receipt of all necessary regulatory approval for the sale closures.
The Allstate Corporation (NYSE stock symbol ALL) has announced that it has closed the sale of its Allstate Life Insurance Company of New York (ALNY) to Wilton Re.
The sale of ALNY was announced as having closed for about $400 million.
The insurer announced the closure of the sale of the life insurance and annuity business when it obtained all the regulatory approvals it needed to move forward.
“Closing on the sale of ALNY is a significant step in Allstate’s strategy of increasing personal property-liability market share and expanding protection services, while deploying capital out of the life and annuity businesses,” said Allstate’s chief financial officer Mario Rizzo in a recent Allstate Corporation news release.
Allstate has been selling off its life insurance business and this represents the end of it.
The insurer announced the sale of ALNY to Wilton Re in March, as was covered in a Live Insurance News report at the time. That sale represented the last of the insurer’s life business as it stepped out of that business in its entirety. This latest announcement finally brings that sale to a close now that the regulatory approvals have been obtained.
A separate sale that took place even earlier this year is still awaiting its regulatory approvals to allow the insurer to shut down its presence in that sector entirely. Allstate announced a separate transaction in which it sold the Allstate Life Insurance Company to Blackstone Group entity Everlake US Holdings Company. That transaction took place before the sale to Wilton Re but is still subject to regulatory approval and other closing conditions. The insurer expects that this transaction will also close before the end of the year.
Once all Allstate’s outstanding transactions receive their regulatory approvals, it will represent the insurer’s complete exist from the traditional life insurance and annuity businesses. The insurer’s agents and exclusive financial specialists will continue to offer customers the coverage they need from these businesses through a full suite of solutions and policies by way of third-party providers.