Nationwide Completes Acquisition of Allstate Employer Stop Loss Business for $1.25 billion
The business will become part of the newly formed Nationwide Group Benefits segment led by incoming leader Lindsey Murray
COLUMBUS, Ohio, July 1, 2025 /PRNewswire/ -- Nationwide, one of the largest providers of insurance and financial services products in the U.S., has completed the acquisition of The Allstate Corporation's employer stop loss segment for $1.25 billion. The transaction closed in accordance with the terms of the agreement executed on Jan. 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 Nationwide CEO Kirt Walker. "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 transaction further strengthens and diversifies Nationwide's portfolio, expanding 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 part of the acquisition, Lindsey Murray, the former chief operating officer of Allstate Health, has joined Nationwide and will lead the newly formed Nationwide Group Benefits segment. Murray will report to John Carter, president and COO 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 the evolving financial landscape."
Murray held a variety of leadership roles at Allstate, including executive vice president of the Product, Pricing and Underwriting team for the Health & Benefits division, overseeing the Voluntary Benefits, Individual Health and Group Health business lines. She has a strong track record of driving innovative product development and long-term growth.
Murray holds a bachelor's degree in actuarial science from Carroll University. She is a Fellow in the Society of Actuaries and a member of the American Academy of Actuaries.
About Nationwide
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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SOURCE Nationwide