The acquisition will strengthen and diversify
Nationwide's portfolio, meeting more of the financial services
needs of small businesses
COLUMBUS, Ohio , Jan. 30,
2025 /PRNewswire/ -- Nationwide, one of the
largest providers of insurance and financial services products in
the U.S., announced today that it has entered into a definitive
agreement to purchase The Allstate Corporation's (NYSE: ALL)
employer stop loss segment for $1.25
billion. The transaction is expected to close in the second
half of 2025, subject to customary closing conditions.
"As Nationwide continues to focus on our mission to protect
people, businesses and futures with extraordinary care, this
acquisition is a strong fit," said Nationwide CEO Kirt Walker. "We are extending our protection
solutions to meet the needs of business owners today and into the
future."
This acquisition will further strengthen and diversify
Nationwide Financial's portfolio, expanding the company's ability
to sell stop loss insurance to small businesses. Stop loss
insurance protects employers who self-fund their health insurance
plans from excess losses.
"Acquiring Allstate's employer stop loss segment will broaden
Nationwide Financial's portfolio, meeting the needs of small
businesses, allowing us to serve more customers and positioning us
as a leading provider in the stop loss industry," said John Carter, president and chief operating
officer of Nationwide Financial. "This represents a significant
investment in the stop loss market, adding experienced talent with
proven business results, protecting over 13,000 small businesses
and complementing our existing offerings in the market while
accelerating our opportunity for growth."
This new business will lay the foundation for Nationwide to
continue to add capabilities for significant growth in employer
benefits.
Citi is acting as exclusive financial advisor and Squire Patton
Boggs LLP is acting as legal advisor to Nationwide. J.P. Morgan and
Ardea Partners are acting as financial advisors and Willkie Farr & Gallagher LLP is acting as
legal advisor to Allstate.
About Nationwide
Nationwide, a Fortune 100 company
based in Columbus, Ohio, is one of
the largest and strongest diversified insurance and financial
services organizations in the United
States. Nationwide is rated A+ by Standard & Poor's. An
industry leader in driving customer-focused innovation, Nationwide
provides a full range of insurance and financial services products
including auto, business, homeowners, farm and life insurance;
public and private sector retirement plans, annuities and mutual
funds; excess & surplus, specialty and surety; and pet,
motorcycle and boat insurance.
About Allstate
The Allstate Corporation (NYSE: ALL)
protects people from life's uncertainties with a wide array of
protection for autos, homes, electronic devices, and identity
theft. Products are available through a broad distribution network
including Allstate agents, independent agents, major retailers,
online, and at the workplace. Allstate is widely known for the
slogan "You're in Good Hands with Allstate" For more information,
visit www.allstate.com.
For more information, visit www.nationwide.com.
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Eagle are service marks of Nationwide Mutual Insurance Company. ©
2025
NSM-0494AO
01/2025
Contact:
Emily
Buzzard
(614) 249-6349
Emily.buzzard@nationwide.com
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SOURCE Nationwide
