S&P Welcomes Allstate’s $4B Bid for National General
July 12, 2020 by N/A
Allstate Corp.’s plan to pay $4 billion for National General Holdings Corp. and become a dominant player in the independent agency channel drew a positive response from S&P Global Ratings.
A few days after the M&A announcement, Standard & Poor’s affirmed its ‘A-‘ long-term issuer credit rating for Allstate as well as its ‘AA-‘ financial strength and long-term issuer credit ratings for Allstate’s core subsidiaries.
A stable outlook for Allstate and its subsidiaries remains in place.
The purchase will help Allstate grow its agency channel and presence in the nonstandard auto market, and S&P said that will be a very good thing.