Thread regarding Allstate Corp. layoffs

Encompass and Allstate IA to be merged into National General

Page 10 of the investor deck highlights: Encompass will merge into Nat Gen and Allstate IA relationships will be transitioned to Nat Gen over time. Significant expense efficiencies to be realized in year one.

Page 13 highlight: Forecasts only assume cost synergies and do not include incremental revenue growth.

Expecting many of us on the Encompass/Allstate side to get cut based on everything moving under Nat Gen name/systems. I know their pay structure is lower than ours too and Allstate seems to only care about the bottom line with the Transformative Growth BS. Link to the investor presentation or just google Allstate Investors:

https://www.allstateinvestors.com/static-files/0e2153e0-b5ef-479c-98f6-b06cbe1dbed0

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| 3023 views | | 9 replies (last )
Post ID: @OP+15QOi22B

9 replies (most recent on top)

I would have serious doubts that Tom and Glen will let executives lead from another company if not for their history of already doing so. They will wait and then send someone over kicking and screaming from the ivory tower to try and save a sinking ship.

Stock continues to underperform after the announcement, could be the only thing that stops this at this point.

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Post ID: @5kbs+15QOi22B

Why would an IA even consider selling an Encompass policy at this time? Seems to me that the writing is in the wall.

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Post ID: @5wxc+15QOi22B

If it wasn’t all cash I’d feel better about it potentially not going through. As an Allstate employee I have my own worries to get through this week. The writing appears to be on the wall

What agent is even going to bother writing an encompass policy at this point?

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Post ID: @4lyj+15QOi22B

So based on this are Encompass employees screwed? As the original poster noted if the National General execs are in charge they probably will keep their employees around instead of Encompass?

"Yup. Glenn Shapiro quote from the transcript - "Encompass business will be merged into National General, leveraging their experience and skill and seamlessly integrating acquisitions, and the National General Executive team will lead that integration."

Pretty sure their executives aren't as concerned with keeping us around."

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Post ID: @2nef+15QOi22B

This link is to a not so recent Allstate site. Regarding where the 4 ‘zones’ will be located? Who knows for sure at this point. But, this website will make you go hmmm...

https://www.allstateldp.com/allstate-locations.html

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Post ID: @1aon+15QOi22B

Every Encompass and Allstate IA employee should look at the “Acquisition of National General Holdings Corp.” PowerPoint presentation. The link is in the original post (above). This spells out the plans for the IA distribution channel...significant loss of jobs.

Slide #4 shows one of the benefits of the acquisition is “experienced management team”. So ALL and Encompass doesn’t already have an experienced management team?

Slide #10 shows Encompass and Allstate IA will be rebranded National General. Definitely a lot of redundant positions. Probably a lot of eliminations on the Encompass/AIA side. Or, Encompass/AIA will have to apply for lower paying National General sales leaders positions.

Slide #11 shows National General’s IA facing technology will be used across the combined entity.

Slide #13 shows “cost synergies” (eliminating positions).

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Post ID: @1zzr+15QOi22B

You’d think they’d rebrand to Allstate - more brand recognition. Bad decision, but unsurprising considering the track record recently.

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Post ID: @1tun+15QOi22B

what will MERGED Encompass rates be? Encompass has historically created NEW underwriting companies to maintain competitiveness.

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Post ID: @ero+15QOi22B

Yup. Glenn Shapiro quote from the transcript - "Encompass business will be merged into National General, leveraging their experience and skill and seamlessly integrating acquisitions, and the National General Executive team will lead that integration."

Pretty sure their executives aren't as concerned with keeping us around.

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Post ID: @dfm+15QOi22B

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