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HomeAll NewsMost read newsBusiness Leaders Biography
Birthday : 02/16/1936
Place of birth : New York (New York) - United States
Linked companies : Icahn Enterprises L.P.
Biography : Mr. Carl C. Icahn is a Chairman at CVR Refining GP LLC, at Icahn Enterprises G.P. Inc., at Icahn Ent

Carl Icahn Holds 1% Stake in Allstate -- Update

05/26/2021 | 01:00pm EST

By Cara Lombardo and Leslie Scism

Carl Icahn holds a roughly $400 million stake in Allstate Corp. and supports the insurer's moves to cut costs and sell more products directly to consumers, according to people familiar with the matter.

The stake amounts to about 1% of Northbrook, Ill.-based Allstate, which has a market value of roughly $40.5 billion.

The billionaire activist bought the position when Allstate's shares were trading around $90 each last year, the people said. Mr. Icahn's team concluded Allstate's share price was significantly undervalued compared to that of rival Progressive Corp., they said.

Mr. Icahn, known for his raucous activist campaigns, has been uncharacteristically quiet at Allstate because the company was already undertaking the changes he had envisioned. It hasn't hurt that the shares closed Tuesday at around $135, buoyed by a cost-cutting plan.

Write to Cara Lombardo at cara.lombardo@wsj.com and Leslie Scism at leslie.scism@wsj.com

(END) Dow Jones Newswires

05-26-21 1500ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 1.15% 34422.36 Delayed Quote.11.16%
ICAHN ENTERPRISES L.P. 0.18% 50 Delayed Quote.-1.50%
THE ALLSTATE CORPORATION 1.62% 108.91 Delayed Quote.-2.55%
THE PROGRESSIVE CORPORATION 2.37% 95.4 Delayed Quote.-6.01%