Announced
Completed
Financials
Tags
Acquisition
Single Bidder
Private
Life Insurance
life insurance
Private Equity
Disposal
United States
Majority
Domestic
Friendly
Completed
Synopsis
The Blackstone Group completed the acquisition of the life insurance business of Allstate, an American insurance company, for $2.8bn. “Allstate is deploying capital out of lower growth and return businesses while continuing to execute our strategy to grow market share in personal property-liability and expand protection solutions for customers. Customers will be protected using non-proprietary life insurance products, as is currently done for annuities. Deployable capital will increase, and the transaction also provides increased transparency to the industry-leading returns of our core protection businesses,” Tom Wilson, Allstate Chair, President and CEO.
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