Nationwide Expands Insurance Offerings Through $1.25 Billion Acquisition
Columbus, OH – Nationwide, one of the largest U.S. providers of insurance and financial services, has entered into a definitive agreement to purchase Allstate Corporation’s employer stop loss segment for $1.25 billion. The transaction is expected to close in the second half of 2025, pending customary closing conditions.
This strategic acquisition will strengthen and diversify Nationwide Financial’s portfolio, enhancing the company’s ability to sell stop loss insurance to small businesses. Stop loss insurance protects employers who self-fund their health insurance plans from excess losses.
“As Nationwide continues to focus on our mission to protect people, businesses and futures with extraordinary care, this acquisition is a strong fit,” said Nationwide CEO Kirt Walker. “We are extending our protection solutions to meet the needs of business owners today and into the future.”
John Carter, president and chief operating officer of Nationwide Financial, noted that acquiring Allstate’s employer stop loss segment will broaden Nationwide Financial’s portfolio, allowing the company to serve more customers and position itself as a leading provider in the stop loss industry. The acquisition adds experienced talent, protects over 13,000 small businesses, and complements existing market offerings while accelerating growth opportunities.
This new business lays the foundation for Nationwide to continue adding capabilities for significant growth in employer benefits. Citi served as exclusive financial advisor, while Squire Patton Boggs LLP acted as legal advisor to Nationwide. J.P. Morgan and Ardea Partners served as financial advisors, and Willkie Farr & Gallagher LLP acted as legal advisor to Allstate.
About Nationwide
Nationwide is a Fortune 100 company based in Columbus, Ohio, and is one of the largest diversified financial services and insurance organizations in the United States. The company is rated A+ by Standard & Poor’s and is known for driving customer-focused innovation across its product range, including auto, business, homeowners, farm and life insurance, retirement plans, annuities, and specialty insurance products.
About Allstate
The Allstate Corporation protects people from life’s uncertainties through various insurance products for autos, homes, electronic devices, and identity theft. Products are available through multiple distribution channels, including Allstate agents, independent agents, major retailers, and online platforms. Allstate is recognized by its slogan “You’re in Good Hands with Allstate.”
