Deals

Blackstone to Buy an Allstate Life Insurance Business for $2.8 Billion

Move helps Allstate focus on personal property-liability units
Blackstone will help oversee $28 billion in investments

Allstate Corp. signage stands on display outside the company's headquarters in Northbrook, Illinois, U.S., on Tuesday, Jan. 21, 2020. For more than a decade, auto insurers have had ways to watch a driver's behavior, often using phone apps or so-called telematic devices that connect to a vehicle and send data to the insurers. Now, Allstate, is going a step further by translating the data into an insurance rate that can vary from week to week.Photographer: Christopher Dilts/Bloomberg

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By Katherine Chiglinsky and Heather Perlberg

January 26, 2021 at 11:23 PM UTC

Updated on

January 27, 2021 at 2:43 PM UTC

This article is for subscribers only.

Blackstone Group Inc. agreed to buy a life business from Allstate Corp. for $2.8 billion as the private equity firm expands its foothold in the insurance industry.

Entities managed by Blackstone will purchase Allstate Life Insurance Co., the insurer said Tuesday in a statement. Allstate will retain a New York life business and is seeking a way to sell or transfer risk from that unit to a third party.