MetLife buys Allstate unit to add group legal sales

MetLife Inc., the largest U.S. life insurer, has purchased a business providing group legal-services coverage from Northbrook-based Allstate Corp., adding to its Hyatt Legal Plans business.

Locally, MetLife has operations in Aurora and Downers Grove. Allstate also has operations in Hoffman Estates.

The Signature LegalCare unit will be part of Hyatt Legal, the New York-based insurer said today in a Business Wire statement. It didn't disclose terms of the deal.

Chief Executive Officer Robert Henrikson is seeking to expand MetLife's coverage of companies and groups. The firm acquired Odonto A Sa'de Empresarial in 2008 to add dental insurance in Brazil. Hyatt Legal, which MetLife bought in 1997, provides covered members with services such as preparation of wills and basic consultations. Allstate said in the statement that the transaction will benefit its customers.

"The size and strength of MetLife and the expertise of Hyatt Legal Plans are assurances that this business acquisition is in the best interest of customers" of Signature LegalCare, Patrick O'Brien, assistant vice president of Allstate, said in the statement.

Allstate, the largest publicly traded home and auto insurer, cut about 2,000 jobs, or 5.3 percent of the workforce, last year as the sluggish economy curbed demand for coverage.

MetLife shares rose $1.06, or 2.7 percent, to $37.95 at 10:07 a.m. in New York Stock Exchange trading. Allstate rose $1.95 or 53 cents to $27.96.

Christopher Breslin, a spokesman for MetLife, and Maryellen Thielen of Allstate had no immediate comment.