A big life and annuity issuer that's now controlled by Blackstone, an investment manager, has started to show how it will operate.
Everlake Life announced Monday that it has hired NTT Data Services to administer its annuities and life policies for 10 years.
Everlake Life is the Northbrook, Illinois-based company that Blackstone created to hold Allstate Life Insurance Co. and Allstate Assurance Co.
Blackstone affiliates acquired Allstate Life and Allstate Assurance from Allstate Corp. for $4 billion in November, with the total including a $2.8 billion in purchase price amount and a $1.2 billion increase in the subsidiaries' statutory surplus.
Everlake has about 1.7 million in life insurance policies and annuity contracts in force and $24 billion in assets under management.
Blackstone has named Doney Largey, who was Blackstone's head of transformation, to serve as Everlake's CEO.
The NTT Data Connection
NTT Data — a Tokyo-based information technology services provider — said it expects Everlake to move over to NTT service in a seamless and secure manner in the coming years while maintaining high-quality service for Everlake customers.
NTT Data introduced a global insurance digital platform program for the life and annuity industry last September. The company then announced in October that F&G had become the first life and annuity issuer to begin using the new NTT Data digital platform, for a new index-linked annuity contract.
