Allstate pays $525m to acquire InfoArmor
US personal lines insurer Allstate Corporation is acquiring employee identity protection provider InfoArmor for $525 million in an all-cash transaction.
InfoArmor offers a proactive identity monitoring service that alerts users at the first sign of fraud and restores an individual’s identity.
Headquartered in Scottsdale, Arizona, InfoArmor offers identity protection to more than 1 million employees and their family members at over 1,400 firms.
“Consumers are increasingly at risk of having their digital identities compromised,” said Allstate CEO Tom Wilson. “Last year there were over 16 million victims of identity fraud, which resulted in over $16 billion of losses. With the acquisition of InfoArmor, Allstate will protect more customers from this risk and help rebuild their lives after they have been hacked,” Wilson explained.
“InfoArmor is the go-to identity protection company in the employee benefits market, providing an opportunity to expand the Allstate benefits business now serving over 4 million employees.”
InfoArmor CEO John Schreiber, added: “InfoArmor and Allstate are an unbeatable combination in providing identity protection to employees through voluntary benefit programmes.
“Our relationships with top benefit brokers and over 1,000 companies will be enhanced by Allstate’s capabilities and access to the Allstate Benefits distribution network.”
The deal is expected to close later in 2018.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
$2.6bn Aspen deal latest in insurance M&A frenzy
Lloyd’s Market Association reveals next CEO
US P&C sector makes $5.3bn underwriting profit in H1
Aon appoints Goldman Sachs exec to new global leadership role
European insurers target high-margin lines, reduce cost
Canopius strengthens specialty unit with Chubb hire
Argo names new US specialty programmes leader
Allied World Re appoints Asia Pacific treaty reinsurance head
