Columbus, Ohio, USA - December 27, 2021: Closeup Nationwide logo at their headquarters in Columbus, Ohio, USA. Nationwide is a group of U.S. insurance and financial services companies.. Credit: JHVEPhoto/Adobe Stock
Nationwide has entered into a definitive agreement to purchase the Allstate Corporation’s employer stop loss segment, the company announced on July 1, 2025.
The transaction is expected to close in the second half of this year, according to Nationwide, and is subject to customary closing conditions. As part of the $1.25 billion acquisition, Lindsey Murray, the former chief operating officer of Allstate Health, has joined Nationwide and will lead the newly formed Nationwide Group Benefits segment.
"For more than 20 years, Nationwide has been protecting companies who self-fund their health insurance plans from excess losses with stop loss solutions,” Lindsey Murray said, president of Nationwide Group Benefits.
“This industry-leading team is already known for its reliability, stability and financial strength,” Murray told PropertyCasulty360. “I’m excited to join them to build the future of Nationwide's stop loss capabilities and business.”
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.
The transaction further strengthens and diversifies the company’s portfolio, according to Nationwide, while 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.
In June, the Allstate Corporation, which trades under the ticker ALL on the New York Stock Exchange, announced estimated catastrophe losses reaching $777 million or $614 million after-tax.
The May losses include 11 events with approximately 70% of the losses related to three geographically widespread wind and hail events. Total catastrophe losses for April and May were $1.37 billion or $1.08 billion after-tax.
Over the last three months, shares for Allstate are down roughly 2.58%. Meanwhile, shares have slipped around 3.22% the last 30 days. Allstate is slated to report its second quarter 2025 earnings on July 31.
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