Corrects John Carter's designation to president and COO of Nationwide Financial in paragraph 5
Jan 30 (Reuters) - U.S. insurer Nationwide said on Thursday that it would acquire property and casualty insurer Allstate Corp's ALL.N employer stop-loss segment in a $1.25 billion deal, as it seeks to expand its stop-loss insurance offering.
The transaction is expected to close in the second half of 2025, Nationwide said in a statement.
Stop-loss insurance serves as a financial safeguard for companies against large medical expenses incurred by an employee in any given year.
Ohio-based Nationwide is a diversified insurance and financial services firm that provides a range of products, including auto, business, farm and life insurance, among others.
"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," said John Carter, president and chief operating officer of Nationwide Financial.
Allstate Corporation is an insurance firm that offers protection for autos, homes, electronic devices and identity theft.
The sale is expected to help Allstate with a financial book gain of about $450 million and increase deployable capital by $900 million after the deal's completion, which is expected in 2025, the firm said.
J.P. Morgan and Ardea Partners are acting as financial advisers on the deal.
(Reporting by Kanjyik Ghosh; Editing by Alan Barona)
((Kanjyik.Ghosh@thomsonreuters.com))
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。