National Post (Latest Edition)

ALLSTATE TO CUT 3,800 JOBS AS PA RT OF RESTRUCTUR­ING

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Allstate Corp., the fourth- largest car insurer in the U. S., plans to cut 3,800 jobs as it accelerate­s a revamp it started last year. The cuts and related office closures will bring a restructur­ing charge of about US$290 million, most of which will be recognized this quarter, according to a filing Wednesday. The cuts amount to about eight per cent of the roughly 46,000 employees it had at the end of 2019. Allstate embarked on a plan last year to boost growth at the company’s home and auto insurance business, with moves to phase out the Esurance brand and combine several units it had bought into a single operation. In July, the company agreed to buy National General Holdings Corp. for about US$4 billion in its biggest acquisitio­n ever. Allstate’s announceme­nt adds to the grim outlook for the U.S. worker.

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