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Allstate Shuns Big Banks for Bond Sale to Focus on Diversity

  • Insurer only hired firms owned by minorities, women, veterans
  • Deal marks largest corporate bond yet with just diverse banks
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Photographer: Christopher Dilts/Bloomberg
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Allstate Corp. hired solely banks owned by minorities, women or veterans for its bond sale, in the biggest corporate deal yet managed only by diverse firms.

The insurer enlisted Loop Capital Markets, Academy Securities, Samuel A. Ramirez & Co., Siebert Williams Shank & Co., AmeriVet Securities, Cabrera Capital Markets, C.L. King & Associates, Penserra Securities and R. Seelaus & Co. to underwrite its debt offering, according to a filing. Allstate also said it’s committing to doubling trading volume with diverse firms next year for its $92 billion investment portfolio, according to a statement Thursday.