Kirkland, Willkie Farr Steer $200M Sale Of Allstate Entity
By Emma Whitford (March 29, 2021, 2:30 PM EDT) -- Connecticut-based reinsurance provider Wilton Re plans to acquire Allstate Life Insurance Co. of New York for $220 million after a capital infusion from its parent, in a deal steered by Kirkland & Ellis LLP and Willkie Farr & Gallagher LLP that marks Allstate's official exit from selling annuities and life insurance.
Allstate Corp. will put $660 million in capital into its New York subsidiary before selling the unit to Wilton Re, according to a statement from the Illinois-based insurance company. The transactions are expected to close in the second half of the year, assuming regulatory approvals.
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