Nationwide Completes $1.25B Acquisition of Allstate Employer Stop-Loss Business

Nationwide has finalized its $1.25 billion acquisition of The Allstate Corporation's employer stop-loss business, a deal originally announced in January 2025. This acquisition enhances Nationwide's capabilities and expertise in the employer stop-loss insurance market, particularly by expanding its reach to small and mid-sized employers who self-fund their health benefits. Nationwide CEO Kirt Walker highlighted that the move positions the company as a leading provider in this sector and aligns with its strategy to diversify its financial services portfolio. Lindsey Murray, former COO of Allstate Health, has joined Nationwide to lead the newly formed Group Benefits segment, bringing extensive experience in employee benefits. Allstate CEO Tom Wilson noted the sale demonstrates the strength of these business units and complements Allstate's capital management strategy, with the transaction expected to generate a financial book gain of approximately $500 million. This deal follows Allstate's recent divestiture of its employer voluntary benefits business to StanCorp Financial Group for nearly $2 billion.