Allstate picks AIG's Winter to run life insurer unit

Allstate Corp., the largest publicly traded home and auto insurer in the U.S., named Matthew Winter to head the life insurance and retirement unit which contributed to three straight quarters of net losses.

Winter, a vice chairman of American International Group Inc., will report to Allstate Chief Executive Officer Tom Wilson, the Northbrook-based company said today in a statement distributed by Business Wire. He was named as AIG's vice chairman in April.

Allstate's life insurance business returned to profitability in the three months ended June 30 after losing money each quarter since September 2007. James Hohmann stepped down in January and George Ruebenson has served as the interim replacement. Allstate announced this year it would cut 1,000 jobs in the unit.

Winter "has the intellectual capacity, creativity and enthusiasm to drive our vision of reinventing protection and retirement," Wilson said in the statement. Winter will join Allstate on Oct. 26.