Nationwide, one of the country’s largest providers of insurance and financial services, has officially completed its $1.25 billion acquisition of The Allstate Corporation’s employer stop loss business. The deal closed in accordance with the agreement signed on January 30, 2025.
“This acquisition expands the capabilities, specialized expertise, and strong partnerships of our financial services organization, positioning our company as a leading provider in the employer stop loss industry,” said Kirt Walker, Chief Executive Officer of Nationwide. “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.”
The acquisition supports Nationwide’s long-term strategy to strengthen and diversify its portfolio, particularly in the self-funded health benefits market. With this addition, the company broadens its ability to serve small and mid-sized employers with stop loss insurance — coverage that protects businesses that self-fund their health plans against catastrophic medical claims.
As part of the transition, Lindsey Murray, formerly Chief Operating Officer of Allstate Health, has joined Nationwide to lead the newly established Nationwide Group Benefits segment. She will report to John Carter, President and Chief Operating Officer of Nationwide Financial.
“Lindsey brings a wealth of experience and a proven history of success in the employee benefits market,” Carter said. “Her expertise builds on and complements Nationwide’s core capabilities, helping us drive continued growth as we navigate today’s dynamic financial environment.”
Murray held several leadership roles during her tenure at Allstate, including Executive Vice President of Product, Pricing, and Underwriting for the Health & Benefits division. She oversaw voluntary benefits, individual health, and group health business lines, earning a reputation for innovation and sustainable growth. She holds a bachelor’s degree in actuarial science from Carroll University and is a Fellow of the Society of Actuaries and a member of the American Academy of Actuaries.
From Allstate’s perspective, the sale aligns with its broader capital management strategy. According to Allstate CFO Jess Merten, the transaction is expected to result in a financial book gain of approximately $500 million. Tom Wilson, Chair, President, and CEO of The Allstate Corporation, noted, “Selling the Group Health and Employer Voluntary Benefits businesses for a combined $3.25 billion demonstrates the strength of these businesses and Allstate’s strategic approach to capital management.”
The acquisition marks a strategic expansion for Nationwide and a realignment for Allstate, with both organizations sharpening their focus on growth opportunities in their respective core markets.
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities, and mutual funds; excess & surplus, specialty and surety; and pet, motorcycle and boat insurance.
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