Everyone who works in ALR - we got an email we are being sold. Call tomorrow.
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Allstate has been bleeding customers to competitors for years, and the culture is too stodgy to easily change it. The conclusion was it was the best thing to sell it now since it will be worth less later. Maybe Blackstone can do their private equity thing and hack and slash it to something resembling the 2020s. Their whole purpose for being is to make money, and they obviously want to sell it to someone more than what they got for it, or they end up trying to run itself for a profit. They own things like Motel 6, Legoland, Sea World, Motorla's chipmaking plants, the Nielsens ratings guys, the Sears Tower,the Bellagio in Vegas, Ancestry.com and have been acquiring a bunch of term life insurance companies. They believe they can run it better than Allstate can, and they're probably right. They bought and sold Alliant in the past, and have acquired and sold things like the Weather Channel to IBM.
One thing that's absolutely true is that they're all about show me the money. You've got to prove your worth to the company all over again if you even get a chance after the prescreening process (everyone knows what I'm talking about), and if you don't meet that, you're gone. The good news is that Allstate Life acquisition probably won't be handled by the new hire that graduated yesterday.
Was in life it was very profitable odd they would sell their golden goose
We heard no severance also. Seems 2020 severance plan was based on bad job market last year and they think the job market is good enough now. No idea why no severance for sure. Hope they are wrong.
I can't speak for the person below but our leader told us we were getting our notice tomorrow and would be receiving extended medical benefits for some months before having to draw COBRA and full assistance services and training for simes and interviews for job placement in jobs outside of the company. He told us no severance though like 2020's package so we'll see.
Why are you saying no severance? All the claims people got severance. The people let go last year got severance. No reason to think this will be any different. Please stop adding speculation to an already stressful situation.
Private Equity is devouring America.
8am call to inform investors then call later in the morning to inform the impacted. 60 days with limited settlement so likely not complete severance package as was offered last year. Source is within department.
Yep, 60 day notices. No word on if severance will be offered.
Holy moly
What is posted below is incorrect. Layoffs to be announced tomorrow for all areas aside from life service which will be in place for a few years to continue servicing the product.
Great business model boys. Sell off your life book and go into identity theft insurance, and cell phone protection /device coverage. How dumb. Maybe you could start selling appliance warranty coverage too Good fit for Nat Gen. How sad to see Allstate going down the Sears / Kmart path.
Word we are hearing is all ALR positions will be sent as part of the same to Blackstone and it will be up to Blackstone on who to retain, who to let go, and how to staff for their structure.
Essentially you will become employees of Blackstone and Allstate will not be laying off from ALR. They also will not be moving current ALR staff to other Allstate areas. The ALR employees are part if the purchase.
Allstate agency support for the life product will obviously be impacted later and just another step to the eventual elimination if the agency channel as direct model will own all of P&C.
@1duf+196remYF you are, no doubt, the best of your Allstate team. Good luck to you. But truth be told, the Life group has been quite lean for years, watching other areas with bloated staffing. Clearly you already knew all that.
https://www.businesswire.com/news/home/20210126006128/en/Allstate-Announces-Agreement-to-Sell-Allstate-Life-Insurance-Company
Another money pit and more layoffs
LOL - S— it Life
OMG - Allstate is selling off Allstate Life? That can’t be true. That was the bell cow for years. All Sales cared about was how much life insurance agents sold.
The first of many sell offs as Tom and Glenn dismantle Allstate piece by piece and pocket millions.