The Standard to Acquire Allstate Employer Voluntary Benefits Business; Companies Announce Distribution Partnership
The Standard is set to acquire Allstate's Employer Voluntary Benefits business for approximately $2 billion, with the deal expected to close in the first half of 2025. This acquisition will significantly accelerate The Standard's growth and expand its competitive position in the U.S. employee benefits market.
Key points of the agreement include:
- A product distribution partnership between the two companies
- The Standard becoming Allstate's exclusive carrier for various group and individual insurance products
- Allstate's EVB business, employees, and operations transferring to The Standard
- A five-year exclusive distribution arrangement for Allstate agents
This strategic move aims to provide broader protection and higher value to over 3.5 million customers currently served by Allstate's EVB business.
The Standard sta per acquisire il business dei Benefici Volontari per i Datori di Lavoro di Allstate per circa 2 miliardi di dollari, con l'operazione prevista per chiudere nella prima metà del 2025. Questa acquisizione accelererà notevolmente la crescita di The Standard ed espanderà la sua posizione competitiva nel mercato dei benefici per i dipendenti degli Stati Uniti.
I punti chiave dell'accordo includono:
- Una partnership per la distribuzione dei prodotti tra le due aziende
- The Standard diventerà il carrier esclusivo di Allstate per vari prodotti assicurativi di gruppo e individuali
- Il business EVB di Allstate, i dipendenti e le operazioni saranno trasferiti a The Standard
- Un accordo di distribuzione esclusiva di cinque anni per gli agenti di Allstate
Questa mossa strategica mira a fornire una protezione più ampia e un valore maggiore a oltre 3,5 milioni di clienti attualmente serviti dal business EVB di Allstate.
The Standard está a punto de adquirir el negocio de Beneficios Voluntarios para Empleadores de Allstate por aproximadamente 2 mil millones de dólares, con el acuerdo previsto para cerrarse en la primera mitad de 2025. Esta adquisición acelerará significativamente el crecimiento de The Standard y expandirá su posición competitiva en el mercado de beneficios para empleados en EE. UU..
Los puntos clave del acuerdo incluyen:
- Una asociación de distribución de productos entre ambas compañías
- The Standard se convertirá en el transportista exclusivo de Allstate para varios productos de seguros grupales e individuales
- El negocio EVB de Allstate, sus empleados y operaciones pasarán a ser parte de The Standard
- Un acuerdo de distribución exclusiva por cinco años para los agentes de Allstate
Este movimiento estratégico tiene como objetivo proporcionar una mayor protección y un mayor valor a más de 3.5 millones de clientes que actualmente son atendidos por el negocio EVB de Allstate.
The Standard가 Allstate의 고용주 자발적 복리후생 사업을 약 20억 달러에 인수할 예정이며, 이번 거래는 2025년 상반기에 마무리될 것으로 보입니다. 이 인수는 The Standard의 성장을 크게 가속화하고 미국 직원 복리후생 시장에서 경쟁력을 확장할 것입니다.
합의의 주요 사항은 다음과 같습니다:
- 두 회사 간의 제품 유통 파트너십
- The Standard가 다양한 단체 및 개인 보험 상품에 대한 Allstate의 독점 운송업체가 됩니다.
- Allstate의 EVB 사업, 직원 및 운영이 The Standard로 이관됩니다.
- Allstate 대리점을 위한 5년 독점 유통 계약.
이번 전략적 조치는 현재 Allstate의 EVB 사업에 의해 서비스되는 350만 명 이상의 고객에게 더 넓은 보호와 더 높은 가치를 제공하는 것을 목표로 하고 있습니다.
The Standard est sur le point d'acquérir le secteur des Avantages Volontaires Employeur d'Allstate pour environ 2 milliards de dollars, la conclusion de l'accord étant prévue pour la première moitié de 2025. Cette acquisition accélérera considérablement la croissance de The Standard et élargira sa position concurrentielle sur le marché des avantages pour les employés aux États-Unis.
Les principaux points de l'accord comprennent :
- Un partenariat de distribution de produits entre les deux entreprises
- The Standard deviendra le fournisseur exclusif d'Allstate pour divers produits d'assurance de groupe et individuels
- Le secteur EVB d'Allstate, ses employés et ses opérations seront transférés à The Standard
- Un accord de distribution exclusif de cinq ans pour les agents d'Allstate
Ce mouvement stratégique vise à fournir une protection plus large et une valeur accrue à plus de 3,5 millions de clients actuellement servis par le secteur EVB d'Allstate.
The Standard wird das Unternehmen für freiwillige Arbeitgeberleistungen von Allstate für ca. 2 Milliarden Dollar übernehmen, wobei der Abschluss der Transaktion für die erste Hälfte des Jahres 2025 geplant ist. Diese Akquisition wird das Wachstum von The Standard erheblich beschleunigen und die Wettbewerbsposition auf dem US-Markt für Mitarbeiterleistungen erweitern.
Die wichtigsten Punkte des Vertrags umfassen:
- Eine ProduktvertriebsPartnerschaft zwischen den beiden Unternehmen
- The Standard wird Allstates exklusiver Anbieter für verschiedene Gruppen- und Einzelversicherungsprodukte
- Das EVB-Geschäft von Allstate, die Mitarbeiter und Operationen werden zu The Standard übertragen
- Eine fünfjährige exklusive Vertriebsvereinbarung für Allstate-Agenten
Dieser strategische Schritt zielt darauf ab, über 3,5 Millionen Kunden umfassendere Schutzmöglichkeiten und einen höheren Wert zu bieten, die derzeit vom EVB-Geschäft von Allstate betreut werden.
- None.
- None.
The Standard and Allstate are leading workplace benefits providers with deep expertise in benefits administration and a shared commitment to customer service. The Standard, a top group life, disability and ancillary benefit provider, was founded in 1906 and sold its first employee benefits policy in 1951, a case that remains in force today. Allstate’s Employer Voluntary Benefits business is an industry leader in supplemental and voluntary workplace benefits including Whole Life, Universal Life, Accident, Hospital Indemnity, Cancer and Critical Illness coverage.
“Allstate’s Employer Voluntary Benefits business is an excellent fit for The Standard’s growing workplace benefits business. We see significant synergies between Allstate’s industry-leading supplemental and voluntary life products and our group benefits business,” said Dan McMillan, President and CEO of The Standard. “We look forward to welcoming the Allstate EVB employees to The Standard and to a mutually beneficial distribution partnership with Allstate as we move forward.”
“Allstate’s Employer Voluntary Benefits business provides protection to over 3.5 million customers who will continue to be well served by The Standard,” said Tom Wilson, Chair, President and CEO of The Allstate Corporation. “The alignment between Allstate’s industry leading product offerings, employer relationships, distribution and talented team and The Standard’s group benefits business will provide customers with broader protection and higher value. Allstate agents will now offer a broader array of options to customers under a five-year exclusive distribution arrangement.”
Upon closing, The Standard will acquire Allstate’s Employer Voluntary Benefits business, employees and operations. The transaction will significantly accelerate The Standard’s growth and expand the scale and competitive position of the company’s employee benefits business in the
Under the distribution partnership, The Standard will become Allstate’s exclusive carrier for sales of group life and disability, guaranteed standard issue individual disability, supplemental and voluntary products distributed by Allstate’s exclusive agents. The acquisition provides a trusted group benefits partner for Allstate’s customers.
“The Standard is committed to continued growth and excellence in the group benefits marketplace,” said David Payne, Vice President of Employee Benefits at The Standard. “This addition and on-going partnership bring The Standard greater scale and a comprehensive set of workplace benefits offerings for employers of all sizes.”
Citi is acting as exclusive financial advisor and Debevoise & Plimpton is acting as legal advisor to The Standard. J.P. Morgan and Ardea Partners are acting as financial advisors and Willkie Farr & Gallagher LLP is acting as legal advisor to Allstate.
About The Standard
The Standard is a family of companies dedicated to helping customers achieve financial well-being and peace of mind. In business since 1906, we are a leading provider of financial protection products and services for employers and individuals. Our products include group and individual disability insurance, group life and accidental death and dismemberment insurance, group dental and group vision insurance, voluntary and supplemental benefits, absence management and paid family leave services, retirement plans products and services and individual annuities. For more information about The Standard, visit standard.com and follow us on LinkedIn.
The Standard is the marketing name for StanCorp Financial Group, Inc., and its subsidiaries: Standard Insurance Company, The Standard Life Insurance Company of
About Allstate
The Allstate Corporation (NYSE: ALL) protects people from life’s uncertainties with a wide array of protection for autos, homes, electronic devices, and identity theft. Products are available through a broad distribution network including Allstate agents, independent agents, major retailers, online, and at the workplace. Allstate is widely known for the slogan “You’re in Good Hands with Allstate.” For more information, visit www.allstate.com.
Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240813836632/en/
The Standard
Bob Speltz
(971) 212-9549
Bob.Speltz@standard.com
Allstate
Nick Nottoli
(847) 402-5600
Allister Gobin
(847) 402-2800
Source: StanCorp Financial Group, Inc.
FAQ
What is the value of The Standard's acquisition of Allstate's Employer Voluntary Benefits business?
When is the acquisition of Allstate's EVB business by The Standard expected to close?
How many customers will be affected by The Standard's acquisition of Allstate's EVB business?
What types of insurance products are included in Allstate's Employer Voluntary Benefits business (ALL)?
What is the duration of the exclusive distribution arrangement between The Standard and Allstate?
