Allstate Corp. is bringing on some new executives focused on the investment side of its operations.
The largest publicly traded personal lines insurer in the United States said it hired Russell Mayerfeld as a senior managing director. He reports directly to Chief Investment Officer Judith Greffin, and will oversee about $10 billion of Allstate’s investments. That portfolio includes private equity, infrastructure and real assets, real estate and commercial mortgage loans, the Illinois-based company said.
Mayerfeld is a big hire. As Allstate noted, his experience include having served as a managing director, investment banking at UBS LLC and its predecessors. He was also managing director, investment banking at Dean Witter Reynolds. As well, Mayerfeld was an independent consultant to private equity funds and corporations, and also served as a board member for a number of private and public companies. Importantly, he’s worked through his career focused extensively on insurance companies and various financial institutions, Allstate said in the announcement.
Also, Allstate promoted Peter Keehn to managing director, private equity investing, and he’ll report directly to Mayerfeld.
In Keehn’s role, he’ll still lead Allstate’s global private equity investing group (including infrastructure and real assets team members) and manage a $3 billion portfolio, Allstate said. The company credits Keehn with shifting the focus of Allstate’s private equity business to include more direct investing and co-investments. He’s also the guy who launched Allstate’s London office, with a goal of boosting Allstate’s ability to access global investment opportunities.
Keehn’s prior experience includes working as a principal at Waud Capital Partners. As well, he was a director at Northwestern Investment Management Co. and has been a director at a number of private companies and nonprofit groups, Allstate said.
Keehn first joined Allstate in 2003, as a director to head the insurer’s $450 million (at the time) alternative assets portfolio.
Allstate’s products include auto, home and life insurance, retirement products and related services. They’re offered through brands including Allstate, Encompass, Esurance, Answer Financial and Allstate Financial.