The Allstate Corp. has closed its $525 million cash acquisition of InfoArmor, a little over a month after the deal was first announced.
InfoArmor is based in Scottsdale, Ariz., and provides identity protection coverage for over one million employees and family members at more than 1,400 firms.
Tom Wilson, Allstate’s chairman, president and CEO, said in prepared remarks that the company will help broaden its Allstate Benefits business, which serves at present more than four million employees.
More than that, however, Allstate gains a new cyber-related service, as insurers increasingly focus on cyber risk reduction and reducing identity theft. Allstate plans to expand the InfoArmor business.