The Allstate Corporation boosts support to business ownership diversity

Allstate Corporation - Diversity and Equality in Business
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The insurance company has focused on a corporate bond offering comprised exclusively of MWVBEs.

The Allstate Corporation recently priced $1.2 billion of 5-year and 10-year senior notes via a syndicate comprised of exclusively minority-, women-, and veteran-owned business enterprises (MWVBEs).

The insurance company’s move represents a first of its kind bond offering of this size.

The Allstate Corporation’s bond offering is the first of this size with exclusive management by MWVBEs. It represents a substantial step in underscoring the insurance company’s focus on diversity and equality.

“It is time to take a stand to create more equity in the securities markets,” said President, Chair and CEO of Allstate, Tom Wilson. “Diverse firms have the capabilities to increase their market share as evidenced by the results of this transaction. Allstate is committed to doing even more, including doubling our trading volume with diverse firms in 2021. Sustainability will require the commitment of other corporate bond issuers, investment managers and leading investment banks, many of whom have extensive programs that are being expanded. Equity is good for all of us!”

This offering will provide a portion of the funds for Allstate Corporation’s National General acquisition.

The $1.2 billion offering will provide the funding for some of the $4 billion needed to acquire National General. That deal is expected to close in the first part of 2021.

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“We are delighted that our long-standing relationship with Allstate enabled us to source capital for them and live into our mantra of putting clients first,” said Loop Capital Chair and CEO, Jim Reynolds.

The joint bookrunning managers behind the 5-year and 10-year senior notes were Loop Capital Markets, Academy Securities, Ramirez & Co. Inc. and Siebert Williams Shank. Co-managers of the offering included Cabrera Capital markets LLC, C.L. King & Associates, AmeriVet Securities, R. Seelaus & Co., LLC, and Penserra Securities LLC.

The insurance company’s transaction is the largest these firms have ever actively led. “This successful transaction highlights that issuers can benefit by leveraging the talent in MWVBEs while creating more equity in the financial markets,” said Allstate Corporation - Diversity and Equality in BusinessAllstate Corporation CFO Mario Rizzo in a media release from the insurance company.

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