Allstate wraps up $400m sale of ALNY to Wilton Re

The Allstate Corporation has wrapped up its previously announced $400 million sale of Allstate Life Insurance Company of New York (ALNY) to Wilton Re.

The publicly-listed Illinois-based insurance company closed the deal having secured all the necessary regulatory approvals.

The deal was announced in March 2021.

Allstate wraps up $400m sale of ALNY to Wilton Re. Photo courtesy of Raysonho @ Open Grid Scheduler / Grid Engine / Wikipedia.org.

Mario Rizzo — Chief Financial Officer of Allstate said: “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.”

In a separate deal signed earlier this year, Allstate is to sell Allstate Life Insurance Company to Blackstone Group’s Everlake US Holdings Company. This deal remains to be subject to regulatory approval and other closing conditions, and is likely to close in the current year.

Allstate said that the two deals will complete its exit from the traditional life and annuity businesses.