Illinois-based auto insurance firm Allstate has completed its $4bn acquisition of New York City- headquartered insurer National General.
The acquired company provides a suite of property-liability offerings through independent agents with a presence in non-standard auto insurance.
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It also runs Accident and Health and Lender-Placed Insurance businesses.
The all-cash deal was announced by Allstate in last July.
At that time, Allstate Corporation chairman, president and CEO Tom Wilson said that the deal will scale up the company’s market share in personal property-liability and will expand its independent agent distribution significantly.
Speaking on the completion of the transaction, Wilson said: “The acquisition of National General advances our strategy of growing personal lines insurance with an increase of 1 percentage point in market share.
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By GlobalData“Independent agents will now have more protection offerings for customers, with a strong technology platform creating growth opportunities for them and Allstate. National General’s accident and health business will also further expand Allstate’s circle of protection.”
Allstate offers protection for autos, homes, electronic devices and identity theft. The company provides its offerings through its distribution network consisting of Allstate agents, independent agents, major retailers, online and at the workplace.
In October 2020, Allstate announced its plans to cut 3,800 jobs as part of its multi-year transformative growth plan.
The company’s transformative growth plan is aimed to scale up its personal property-liability market share by widening customer access, enhancing customer value, and investing in marketing and technology.
In 2014, Allstate completed the sale of Lincoln Benefit Life Company to Resolution Life Holdings, for an estimated gross sale price of $796m.
