The Allstate Corporation
Edward M. Liddy, Chairman, President and Chief Executive Officer:
"Goldman Sachs and Allstate have a very close relationship and our work over the
years bears that out. The firm lead managed our 20 percent IPO in 1993 for $2.4 billion
and subsequently helped us become an independent company by distributing to shareholders
the remaining 80 percent of stock in our company held by Sears. Since then, Goldman Sachs
has helped us focus on the businesses we should be inwhere we can have substantial
wins and where it makes sense to exit. Through a series of divestitures, we are now
focused on personal financial services in the property-casualty and life-savings
industries. Were expanding the core and building on our strong position in these
fields. In 1999, we acquired American Heritage Life Investment Corporation and the
personal lines business of CNA Financial Corporation. We have benefited at every point
from having access to top-quality people throughout Goldman Sachs who have the breadth of
financial expertise to help us think through the options and execute our strategies. This
is a relationship built on mutual trust and confidence. Time and again, our Goldman Sachs
colleagues have shown that they have the best interests of Allstate at heart."
- Goldman Sachs was lead manager for Allstates $2.4 billion IPO in 1993.
- In 1995, the firm was financial advisor for Allstates $10.7 billion spin-off from
Sears and lead manager for its $1.2 billion divestiture through an IPO of PMI Group.
- Goldman Sachs was the exclusive financial advisor for Allstates 1996 divestiture
of Northbrook Holdings.
- In 1999, the firm was the exclusive financial advisor for Allstates $1.1 billion
acquisition of American Heritage Life Investment Corporation and its $1.2 billion
acquisition of the personal lines business of CNA Financial Corporation.