First announced in January 2021, the deal involved total proceeds of $4 billion, which included Blackstone's $2.8 billion purchase price, as well as increases in statutory surplus since March 31, 2020. Following its acquisition by Blackstone, the ALIC business will be renamed as Everlake Life Insurance.

Allstate became completely independent in June 1995, when Sears spun off the remaining 80% stake in the company, distributing 350.5 million shares of Allstate stock to its stockholders. In 1993, Allstate went public when Sears sold 19.8% of the company. At the time, it was the largest IPO to date.