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Corporation
FINANCE | Insurance
allstate.com

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Investments

3

Portfolio Exits

4

Partners & Customers

10

Service Providers

1

About Allstate Insurance Company

Allstate Insurance Company (NYSE: ALL), through its insurance companies, subsidiaries, and brokers/dealers, offers property and casualty insurance, life insurance, and registered securities.

Allstate Insurance Company Headquarter Location

2775 Sanders Road

Northbrook, Illinois, 60062,

United States

847-402-5000

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Expert Collections containing Allstate Insurance Company

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Find Allstate Insurance Company in 2 Expert Collections, including Fortune 500 Investor list.

F

Fortune 500 Investor list

590 items

This is a collection of investors named in the 2019 Fortune 500 list of companies. All CB Insights profiles for active investment arms of a Fortune 500 company are included.

C

Conference Exhibitors

6,062 items

Companies that will be exhibiting at CES 2018

Allstate Insurance Company Web Traffic

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Page Views per Million (PVPM)
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Allstate Insurance Company Rank

Latest Allstate Insurance Company News

Eleventh Circuit Highlights Importance of Unambiguous Disclaimers in SPDs

Jan 14, 2022

To embed, copy and paste the code into your website or blog: <iframe frameborder="1" height="620" scrolling="auto" src="//www.jdsupra.com/post/contentViewerEmbed.aspx?fid=97b78bf8-d7a5-4040-9619-466599f63d38" style="border: 2px solid #ccc; overflow-x:hidden !important; overflow:hidden;" width="100%"></iframe> The Eleventh Circuit recently affirmed an Alabama district court’s decision granting summary judgment in favor of Allstate Insurance Company in a consolidated ERISA class action challenging Allstate’s decision to stop paying premiums on retired employees’ life insurance policies. LEXIS 38473 (11th Cir. Dec. 28, 2021). For many years, as part of its employee welfare benefit plan, Allstate offered employees who met certain qualifications life insurance that continued into retirement. Beginning in 1990, Allstate distributed summary plan descriptions (SPDs) to its employees, describing the retiree life insurance benefits as “provided at no further cost” to the retiree. At times, Allstate also made representations to employees, both orally and in writing, that their retirement life insurance benefits were “paid up” or “for life.” However, the SPDs also contained (1) reservations of rights, which reserved to Allstate the right to change, amend, or terminate the plan at any time; and (2) “no vesting” provisions stating that neither participants nor beneficiaries had any vested rights in the plan’s benefits. In 2013, as a cost reduction measure, Allstate informed former employees who retired after 1990 that it would stop paying the premiums on their life insurance policies at the end of 2015. One putative class of retired employees filed suit in September 2013 and the other filed suit in March 2015. Both proposed classes alleged that Allstate violated ERISA § 502(a)(1)(B) by cancelling the insurance benefits, and that it violated its fiduciary duty under ERISA § 502(a)(3) by making written and oral misrepresentations about the benefits. After extensive discovery, the district court granted summary judgment in Allstate’s favor on both claims. Plaintiffs appealed and the Eleventh Circuit affirmed. Beginning with plaintiffs’ claims under ERISA § 502(a)(1)(B), which allows a participant or beneficiary to bring suit “to recover benefits due to him under the terms of his plan,” the Eleventh Circuit focused exclusively on the SPDs’ reservations of rights and “no vesting” provisions. SPDs, the opinion noted, are “the statutorily established means of informing participants of the terms of the plan and its benefits,” and are construed according to general rules of contract interpretation. Because the SPDs unambiguously gave Allstate the right to change, amend, or terminate the plan at any time, and expressly clarified that employees had no vested rights under the plan, the appellate court agreed with the district court that plaintiffs failed to establish that benefits were actually “due” under “the terms of the plan” for purposes of ERISA § 502(a)(1)(B). As for plaintiffs’ breach of fiduciary duty claims, the Eleventh Circuit found them time barred by ERISA § 413, a statute of repose (not limitations) which generally bars claims for breach of fiduciary duty after the earlier of (1) six years of the breach or (2) three years after the earliest date on which the plaintiff had actual knowledge of the breach. ERISA § 413 provides an exception, however, for breach of fiduciary duty claims based on “fraud or concealment,” in which case the repose period is six years and runs from “the date of discovery of such breach or violation.” The Eleventh Circuit applied the six-year period running from the breach and concluded that any action by Allstate that could give rise to a breach of fiduciary duty claim took place outside of the repose period. Regardless of whether the plaintiffs were misled, the record confirmed that Allstate last made representations about benefits being either “paid up” or “paid for life” in 2006. The first class of plaintiffs did not file suit until 2013, and the second class of plaintiffs did not file suit until 2015. Hence, both suits were untimely. The breach of fiduciary duty claims drew a separate opinion from Judge Brasher, who concurred only in the judgment that the claims were time barred. Judge Brasher reasoned that plaintiffs’ breach of fiduciary duty claims sounded in fraud, and hence the repose period did not begin to run until plaintiffs became aware of the fraud. Judge Brasher concurred with the judgment, however, because the district court found no evidence of fraud, plaintiffs did not argue fraud on appeal, and it was doubtful that the suits could have been deemed timely even if the “fraud exception” to ERISA § 413 applied. He opined, however, that if, on summary judgment, plaintiffs had shown that Allstate fraudulently promised “paid up” insurance and concealed its failure to provide that insurance within six years of their lawsuit, the breach of fiduciary duty claims would have been timely. The Eighth Circuit’s opinion reinforces the importance of placing clear, unambiguous reservations of rights and “no vesting” provisions in SPDs. It also strikes a cautionary note that employers should be mindful of how they describe their benefits to their employees. Written or oral descriptions of benefits should always be accompanied by a disclaimer, consistent with the SPD, that benefits are subject to change, modification, or cancellation.

Allstate Insurance Company Investments

3 Investments

Allstate Insurance Company has made 3 investments. Their latest investment was in Crown Media Holdings as part of their Unattributed VC on December 12, 2001.

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Allstate Insurance Company Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

12/13/2001

Unattributed VC

Crown Media Holdings

$265M

Yes

6/22/1998

Unattributed VC - III

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$99M

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0

3/16/1998

Series C

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$99M

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0

Date

12/13/2001

6/22/1998

3/16/1998

Round

Unattributed VC

Unattributed VC - III

Series C

Company

Crown Media Holdings

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Amount

$265M

$99M

$99M

New?

Yes

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Co-Investors

Sources

0

0

Allstate Insurance Company Portfolio Exits

4 Portfolio Exits

Allstate Insurance Company has 4 portfolio exits. Their latest portfolio exit was Allstate Insurance Company - Allstate Life Insurance Co. on January 26, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

1/26/2021

Divestiture

$99M

1

7/18/2013

Acquired - II

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$99M

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10

11/15/2005

Acquired

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$99M

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0

4/20/2001

Acquired

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0

Date

1/26/2021

7/18/2013

11/15/2005

4/20/2001

Exit

Divestiture

Acquired - II

Acquired

Acquired

Companies

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Valuation

$99M

$99M

$99M

Acquirer

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Sources

1

10

0

0

Allstate Insurance Company Acquisitions

8 Acquisitions

Allstate Insurance Company acquired 8 companies. Their latest acquisition was SafeAuto Insurance on June 02, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

6/2/2021

Other

$99M

$3.17M

Acquired

5

1/4/2021

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$99M

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10

8/27/2018

Growth Equity

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$99M

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10

11/29/2016

Growth Equity

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$99M

$99M

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10

10/19/2011

Series B

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$99M

$99M

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0

Date

6/2/2021

1/4/2021

8/27/2018

11/29/2016

10/19/2011

Investment Stage

Other

Growth Equity

Growth Equity

Series B

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

$3.17M

$99M

$99M

Note

Acquired

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Sources

5

10

10

10

0

Allstate Insurance Company Partners & Customers

10 Partners and customers

Allstate Insurance Company has 10 strategic partners and customers. Allstate Insurance Company recently partnered with John Hancock on January 1, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

1/24/2022

Partner

United States

Allstate, John Hancock partner on safe driving for Vitality points

The new partnership builds on a previous relationship that John Hancock has with Allstate .

2

7/26/2021

Partner

United States

1

5/4/2021

Supplier

Canada

Willful signs partnership with insurance giant Allstate following launch in Québec

Prior to this partnership , Willful has engaged with financial institutions and insurance companies in what Bury described as `` co-marketing partnerships , '' which involved written content and discounts .

2

3/30/2021

Licensor

United States

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10

3/3/2020

Partner

United States

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10

Date

1/24/2022

7/26/2021

5/4/2021

3/30/2021

3/3/2020

Type

Partner

Partner

Supplier

Licensor

Partner

Business Partner

Country

United States

United States

Canada

United States

United States

News Snippet

Allstate, John Hancock partner on safe driving for Vitality points

The new partnership builds on a previous relationship that John Hancock has with Allstate .

Willful signs partnership with insurance giant Allstate following launch in Québec

Prior to this partnership , Willful has engaged with financial institutions and insurance companies in what Bury described as `` co-marketing partnerships , '' which involved written content and discounts .

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Sources

2

1

2

10

10

Allstate Insurance Company Service Providers

1 Service Provider

Allstate Insurance Company has 1 service provider relationship

Service Provider

Associated Rounds

Provider Type

Service Type

Acquired

Investment Bank

Financial Advisor

Service Provider

Associated Rounds

Acquired

Provider Type

Investment Bank

Service Type

Financial Advisor

Partnership data by VentureSource

Allstate Insurance Company Team

28 Team Members

Allstate Insurance Company has 28 team members, including current Chief Executive Officer, President, Thomas J Wilson.

Name

Work History

Title

Status

Thomas J Wilson

Chief Executive Officer, President

Current

Thomas Wilson

Chief Executive Officer

Current

Gary Hallgren

President

Current

Steven E Shebik

Chief Financial Officer

Current

Michael Pedraja

Senior Vice President

Current

Name

Thomas J Wilson

Thomas Wilson

Gary Hallgren

Steven E Shebik

Michael Pedraja

Work History

Title

Chief Executive Officer, President

Chief Executive Officer

President

Chief Financial Officer

Senior Vice President

Status

Current

Current

Current

Current

Current

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