Allstate's entire life insurance and annuity subsidiary business (Allstate Life Insurance Company) was acquired by private equity and investment entities managed by Blackstone, one of the world's leading global investment firms. Following the completion of this multi-billion-dollar transaction, Blackstone rebranded the acquired life insurance operations into Everlake Life Insurance Company, which currently manages, administers, and services the existing block of legacy policyholder contracts independently.
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