Allstate Life Announces $4 Billion Securities and Exchange Commission Registered Medium Term Note Program.Business Editors NORTHBROOK, Ill.--(BUSINESS WIRE)--April 28, 2004 Allstate Life Insurance Company, the lead life insurance and retirement products subsidiary of The Allstate Corporation, has established a $4 billion shelf registration. Under the shelf registration, Allstate Life Insurance Company will issue funding agreements Funding Agreement Illiquid insurance contracts that provide guaranteed principal repayment and interest payments for a predetermined period of time. Notes: Funding agreements are marketed to mutual fund companies and municipal reinvestments. to Allstate Life Global Funding, a special purpose statutory trust. Allstate Life Global Funding plans to sell medium term notes that are secured by these funding agreements to individual and institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . "This is a significant evolution of our existing medium term note (MTN MTN A short-form for Medium Term Note. MTN Medium term notes issued by corporations, much like shorter-term commercial paper. MTN See medium-term note (MTN). ) programs," said Casey Sylla, chairman and president, Allstate Life Insurance Company. "SEC registration allows us to extend the Allstate brand by offering securities to the broadest possible investor-base." This is the first time that notes secured by Allstate Life funding agreements can be made available to individual investors. Since 1999, Allstate Life has sold more than $8.5 billion of funding agreements that secure medium term notes. These notes were sold only to qualified institutional buyers In law, a Qualified Institutional Buyer is a purchaser of securities that is financially sophisticated and is legally recognized by security market regulators to need less protection from sellers than most members of the public. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and off-shore investors. The Allstate Corporation (NYSE NYSE See: New York Stock Exchange : ALL) is the nation's largest publicly held personal lines insurer. Widely known through the "You're In Good Hands With Allstate(R)" slogan, Allstate provides insurance products to more than 16 million households and has approximately 12,900 exclusive agencies and financial specialists in the U.S. and Canada. Customers can access Allstate products and services through Allstate agents, or in select states at allstate.com and 1-800 Allstate(R). Encompass(SM) and Deerbrook(R) Insurance brand property and casualty products are sold exclusively through independent agents. Allstate Financial Group includes the businesses that provide life insurance, annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. , retirement, banking and investment products through distribution channels that include Allstate agents, independent agents, worksite, financial institutions and broker-dealers. |
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