NORTHBROOK, Ill., Dec. 11 /PRNewswire/ -- The Allstate Corporation
(NYSE: ALL) announced today that effective January 1, 2002, the Allstate
Investment Department would become Allstate Investments, LLC, a subsidiary of
Allstate Non-Insurance Holdings, Inc. It will provide investment management
services to The Allstate Corporation and its subsidiaries.
"Establishing a subsidiary separate from the insurance company helps raise
the profile and create a brand identity for our investment operation," said
Casey Sylla, chief investment officer for Allstate. "That, in turn,
strengthens our relationships with key companies on Wall Street. It also
improves our ability to recruit and retain top talent -- the key asset for any
investment management firm.
"This move also helps ensure that our investment team can continue to
deliver outstanding value by generating sustainable, competitive returns for
Allstate and other institutional investors. It also supports our strategy of
broadening Allstate's footprint in financial services, by drawing attention to
our skills and our success in managing a broad range of investments."
Allstate Investments, LLC joins its existing sister company, AIMCO
(Allstate Investment Management Company), also a subsidiary of Allstate
Non-Insurance Holdings, Inc. An SEC registered investment advisor, AIMCO will
continue to manage third-party money, the Kennett Capital and Allstate Bank
portfolios. It also will assume the investment management responsibilities
for the Allstate pension plans.
Allstate Investments, LLC and AIMCO manage a diversified portfolio of more
than $80 billion.
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held
personal lines insurer. Widely known through the "You're In Good Hands With
Allstate(R)" slogan, Allstate provides insurance products to more than
14 million households and has approximately 13,000 exclusive agents in the
U.S. and Canada. Customers can access Allstate products and services through
Allstate agents, or in select states at allstate.com and 1-800-Allstate.
Encompass(SM) and Deerbrook(SM) Insurance brand property and casualty products
are sold exclusively through independent agents. Allstate Financial Group
includes the businesses that provide life insurance, retirement and investment
products, through Allstate agents, workplace marketing, independent agents,
banks and securities firms.
SOURCE The Allstate Corporation
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CONTACT:
Michael Trevino of Allstate Corporation,
+1-847-402-5600
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