Blackstone to Buy an Allstate Life Business for $2.8 Billion (1)

Blackstone Group Inc. agreed to buy a life business from Allstate Corp. for $2.8 billion as the private equity firm expands its foothold in the insurance industry.

Entities managed by Blackstone will purchase Allstate Life Insurance Co., the insurer said Tuesday in a statement. Allstate will retain a New York life business and is seeking a way to sell or transfer risk from that unit to a third party.

Allstate has been looking to pivot away from life insurance and annuities as the Northbrook, Illinois-based firm focuses more on property-casualty products such as identity protection and personal coverage. ...