NU Online News Service, April 28, 2004, 2:33 p.m. EDT – A unit of The Allstate Corp., Northbrook, Ill., will be selling up to $4 billion in notes backed by Allstate funding agreements to individuals as well as to institutions.[@@]
Allstate has sold about $8.5 billion in notes backed by Allstate funding agreements to institutional investors since 1999, but the new notes are the first of their kind that will be available to individuals, Allstate says.
A funding agreement is a contract that calls for an insurer to pay investors a specified fixed or floating rate of return.
