Nationwide completes acquisition of Allstate employer stop loss business for $1.25B

COLUMBUS, Ohio – Nationwide 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.