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Acquisitions | 6 Months Ended
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Jun. 30, 2020
Business Combinations [Abstract] |
Acquisitions |
Note 3 | Acquisitions
iCracked On February 12, 2019, the Company acquired iCracked Inc. (“iCracked”) which offers on-site, on-demand repair services for smartphones and tablets in North America, supporting Allstate Protection Plans' (formerly known as SquareTrade) operations. In conjunction with the iCracked acquisition, the Company recorded goodwill of $17 million. Subsequent event On July 7, 2020, the Company entered into a definitive agreement to acquire National General Holdings Corp. (“National General”), a predominantly specialty personal lines insurance holding company serving a wide range of customer segments through a network of independent agents for property and casualty and accident and health products for approximately $4 billion in cash. National General shareholders will receive $32.00 per share in cash from the Company, plus closing dividends expected to be $2.50 per share, providing $34.50 in total value per share. The Company will fund the acquisition by deploying $2.2 billion in combined cash resources at the Company and National General and, subject to market conditions, issuing $1.5 billion of new senior debt. The Company expects to maintain its current $3.00 billion share repurchase program. The transaction is expected to close in early 2021, subject to regulatory approvals, a shareholder vote at National General and other customary closing conditions. National General provides personal and commercial automobile, homeowners, umbrella, recreational vehicle, motorcycle, lender-placed property, supplemental health and other niche insurance products. Upon completion of the transaction, this acquisition will increase the Company’s market share in personal property-liability and expand its independent agent distribution. In December 2019, the Company announced the integration of the Allstate Independent Agency and Encompass organizations. These businesses will be integrated into National General.

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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