Nationwide has completed its acquisition of The Allstate’s employer stop-loss segment, with the transaction closing at a value of $1.25bn.  

The deal was originally announced in January 2025. 

The acquisition is expected to enhance Nationwide’s product offerings by expanding its capabilities in selling stop-loss insurance, particularly to small businesses.  

Nationwide CEO Kirt Walker said: “This acquisition expands the capabilities, specialised expertise and strong partnerships of our financial services organisation, positioning our company as a leading provider in the employer stop-loss industry.  

“As a company committed to protecting people, businesses and futures with extraordinary care, enhancing our employer stop-loss segment helps us continue to meet the needs of business owners today and into the future.”  

Additionally, Lindsey Murray, previously Allstate Health’s COO, has joined Nationwide to lead its newly established Group Benefits segment.  

Her responsibilities at Allstate included serving as executive vice-president of the product, pricing, and underwriting team within the health and benefits division, managing several business lines such as voluntary benefits and individual health. 

The Allstate Corporation CEO, president, and chair Tom Wilson said: “The sale delivers strong shareholder value and improves growth opportunities for Group Health by joining Nationwide’s stop-loss insurance business.

“Selling the Group Health and Employer Voluntary Benefits businesses for a combined $3.25bn demonstrates the strength of these businesses and Allstate’s strategic approach to capital management.” 

Allstate CFO Jess Merten added: “The sale of Group Health is expected to generate a financial book gain of approximately $500m.”  

This April, Allstate completed the divestiture of its employer voluntary benefits business to StanCorp Financial Group, also known as The Standard, in a separate transaction valued at nearly $2bn.