PE firms JC Flowers and TPG have teamed for a joint bid for Allstate's (ALL) Lincoln Benefit...

|About: Allstate Corporation (ALL)|By:, SA News Editor

PE firms JC Flowers and TPG have teamed for a joint bid for Allstate's (ALL) Lincoln Benefit Life subsidiary in a deal that could be worth $500M-$900M, Reuters reports. U.K.'s Resolution Group also is said to be involved in bidding. Some insurers have been selling their life and annuity businesses because the low interest rate environment makes it more difficult to run these businesses profitably.