Allstate close to selling annuity book to FGL Holdings: sources
April 5, 2019 by David French
NEW YORK (Reuters) – U.S. insurer Allstate Corp has entered into exclusive talks to sell a book of insurance policies from an area where it no longer generates new business to smaller peer FGL Holdings, people familiar with the matter said on Wednesday.
Should the deal go ahead, it would be the latest transaction involving run-off books by insurers, who have been offloading these existing policies to free up cash to help write new business.
The business for sale is expected to be valued at between $2.5 billion and $3 billion, the sources said, cautioning that a deal is not certain and asking not to be identified because the matter is confidential.’
Click HERE to read the full story via Reuters.