Twenty years ago, The Allstate Corp. became fully independent, spinning off from Sears, Roebuck and Co.
On June 30, 1995, Sears, Roebuck and Co. completed the spin-off of its one-time insurance subsidiary by divesting all its Allstate shares to Sears’ shareholders—just two years after offering 20 percent of its Allstate shares to investors in an initial public offering.
“Being public enabled us to build a stronger organization as we helped to protect millions of customers from life’s uncertainties, recover from unexpected events and prepare for the future,” says Thomas Wilson, chairman and CEO. “We look forward to additional decades of making a difference in the communities we serve and being a force for good for our shareholders, employees, agency owners and other stakeholders.”
Before the spinoff, Sears still had a controlling interest in Allstate and decisions were influenced by them, notes Steven Shebik, chief financial officer.
“Our Independence Day was 20 years ago,” he says.