With 95% of its workers working remotely in the course of the pandemic, insurance coverage large Allstate is promoting its longtime Northbrook headquarters.
Allstate instructed workers Friday that it’s placing the sprawling north suburban campus available on the market after 54 years. The corporate didn’t disclose plans for a future headquarters, or a possible asking worth for its present one.
“Allstate’s workers have extra alternative about the place they work and lots of are selecting to earn a living from home,” Allstate spokeswoman Mallory Vasquez stated in an e-mail Friday. “Consequently, we’ll promote our workplace in Northbrook however plan to keep up our important presence within the Chicago space.”
Allstate has been a company fixture in Northbrook since 1967, when it moved its workplaces from Skokie to a six-building complicated on a 122-acre campus. The corporate stated Friday current Chicago workplace area at River Level and the Merchandise Mart shall be accessible to workers, however it isn’t clear if Northbrook will stay a part of its plans.
“As we return to the workplace, we’ll decide if extra area is required within the Northbrook space,” Vasquez stated.
Allstate has 7,892 workers in Illinois and greater than 44,000 throughout the U.S., in keeping with its web site.
The potential sale of Allstate’s headquarters comes as extra main employers push again a return to the workplace till 2022 amid the continuing pandemic, with many adopting a hybrid strategy that can embody work-from-home as a long-term possibility. In its 2020 annual report, Allstate stated 95% of its workers had been working remotely “whereas sustaining inner controls and productiveness” all year long.
Allstate generated a internet revenue of $5.5 billion in 2020, up 17% over the earlier 12 months.
Past actual property, the corporate can be shedding its life insurance coverage and annuity companies because it focuses on auto and owners insurance coverage merchandise. Life insurance coverage gross sales have been declining at Allstate since 2018 and annuity gross sales had been discontinued in 2014.
Final week, Allstate introduced it closed the sale of Allstate Life Insurance coverage Firm of New York to Wilton Re for about $400 million. In January, Allstate agreed to promote its broader Allstate Life Insurance coverage Co. to Blackstone for $2.8 billion, which is predicted to shut this 12 months, pending regulatory approval.
In June, Allstate agreed to purchase low-cost auto insurance coverage supplier SafeAuto for $300 million, increasing its state-minimum auto protection choices.
Based in 1931 as a part of Sears, Allstate stays one of many nation’s largest publicly held private insurers.