Allstate Acquires SafeAuto
June 3, 2021—Allstate has acquired SafeAuto, an auto insurance carrier with coverage options in 28 states, the company announced in a press release.
Allstate will pay $270 million in cash and $30 million in non-insurance assets to acquire the nonstandard insurer. SafeAuto’s focus has been on providing affordable state minimum insurance.
“It has been an honor to have worked with so many these past 27 years building SafeAuto into a company dedicated to making the purchase of auto insurance easy and affordable,” SafeAuto co-founder and vice chairman Jon Diamond says in the release. “We are delighted to turn the reins over to Allstate and National General, which together, will take Playing It Safe with SafeAuto to the next level.”
Allstate plans to fold SafeAuto’s operations into National General, another insurance company that Allstate recently acquired.