Summary
The Allstate Corporation (ALL) has entered into a definitive Stock Purchase Agreement for the sale of its subsidiaries, Allstate Life Insurance Company of New York (ALNY) and Intramerica Life Insurance Company. This transaction, along with a previously announced sale of other life and annuities businesses, signifies Allstate's strategic exit from substantially all of its life and annuities operations. The sale of ALNY and Intramerica to Wilton Reassurance Company is expected to close in the second half of 2021, subject to regulatory approvals and other customary closing conditions. The company will contribute approximately $660 million in cash to ALNY prior to the sale, and the gross purchase price is approximately $220 million, subject to adjustments.
Key Highlights
- 1Allstate is divesting its life and annuities business through the sale of ALNY and Intramerica Life Insurance Company to Wilton Reassurance Company.
- 2This sale is part of a broader strategic exit from substantially all of its life and annuities operations, following the previously announced sale of other related entities.
- 3The transaction is expected to close in the second half of 2021.
- 4Allstate will contribute approximately $660 million in cash to ALNY prior to the closing.
- 5The gross sale price for ALNY and Intramerica is approximately $220 million, subject to adjustments.
- 6The deal is contingent upon receiving regulatory approvals and other customary closing conditions.
- 7The company has entered into customary representations, warranties, and indemnification provisions within the Stock Purchase Agreement.