Friday, September 17

Allstate to Acquire Rival Insurer National General for $4 Billion

U.S. insurance giant Allstate Corp. agreed to acquire peer National General Holdings Corp. for about $4 billion in cash, expanding its reach in the personal property-liability business.

Allstate will add relationships more than 42,000 independent agents across the U.S. in the acquisition. While many insurance companies have increasingly steered away from armies of agents as more consumers buy all types of products online, the deal reflects Allstate’s view of a continued role for middlemen in selling policies to individuals.