Allstate

Allstate was founded on April 17, 1931, as part of Sears, Roebuck & Co. It was originally established as an insurance provider, primarily focusing on automobile insurance. The idea was developed by Sears president and board chairman, General Robert E. Wood. The name 'Allstate' was chosen from a national name contest involving Sears employees, garnering more than 2 million submissions.

On June 20, 1993, Allstate went public with the largest initial public offering to that date, raising $2.4 billion. This move was part of Allstate's strategy to expand beyond its Sears roots and grow the company as an independent entity. The IPO was seen as a significant step in Allstate's evolution, allowing it to better compete in the national and global insurance markets.

In October 1999, Allstate completed its acquisition of CNA Financial Corporation's personal lines insurance business for $1.2 billion. This was a strategic move to enhance Allstate's business by increasing its customer base and market share in the personal insurance sector. The deal was expected to generate significant synergy and efficiency improvements for Allstate.

In 2001, Allstate introduced Encompass Insurance, a brand aimed at providing its independent agency distribution channel with more competitive options. The new brand was designed to allow Allstate to reach a segment of the market that preferred working with independent agents. By doing so, Allstate sought to increase market penetration and diversify its distribution channels.

In 2003, Allstate entered the life insurance market through the purchase of Lincoln Benefit Life Company. This acquisition marked a significant expansion of Allstate's product offerings, allowing it to diversify its insurance services beyond auto and home insurance. The move was part of Allstate's broader strategy to become a more comprehensive financial services provider.

In 2005, following Hurricane Katrina, Allstate had to address significant claims and damage assessment due to the natural disaster that devastated parts of the Gulf Coast, notably New Orleans. This event tested Allstate's preparedness and disaster response capabilities, leading to important lessons learned in handling large-scale claims and adjusting strategies to improve disaster resilience and customer support in future catastrophes.

In 2009, Allstate began a series of digital transformation initiatives aiming to modernize its operations and customer interactions. These initiatives included developing new digital insurance tools, improving online customer service platforms, and adopting advanced analytics to better understand customer needs. This transformation helped Allstate to remain competitive in the increasingly digitized insurance market.

In 2017, Allstate acquired SquareTrade, a company known for its consumer protection plans and extended warranties, for $1.4 billion. The transaction was completed in January 2018. This acquisition allowed Allstate to expand its protection product offerings beyond traditional insurance markets, tapping into the growing need for electronics and appliance protection. It was part of Allstate's strategy to diversify its portfolio and capture emerging market opportunities.

In August 2019, Allstate announced plans to move its corporate headquarters to a new, modern facility aimed at promoting flexibility and collaboration. This change reflected Allstate's commitment to accommodating future growth while aligning with contemporary workplace trends. The company emphasized the new headquarters as a place that fosters innovation and efficiency for its workforce.

In July 2020, Allstate agreed to acquire National General Holdings Corp. for approximately $4 billion. The acquisition was a strategic move to significantly expand Allstate's personal lines insurance business, adding more than 42,000 independent agents and making it one of the largest personal lines insurers in the United States. The deal was aligned with Allstate's transformative growth strategy, targeting new customer segments and enhancing its competitive position.