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Allstate To Review Financial Unit

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A multiline insurance giant has announced the departure of the head of the business that sells life insurance and annuity products.

Allstate Corp., Northbrook, Ill, says James Hohmann, president of Allstate Financial, will leave the company Jan. 5, 2009.

Hohmann, who had been president of Conseco Inc., Carmel, Ind., began working for Allstate in 2007.

“I want to thank Jim Hohmann for his contributions to Allstate and wish him well in his future endeavors,” Allstate Chairman Thomas Wilson says in a statement.

George Ruebenson, president of Allstate Protection, will run Allstate Financial while the company is looking for a new leader for the unit, Allstate says.

“We remain committed to the success of Allstate Financial,” Wilson says.

But, “despite the hard work of our team, we must be more focused on creating a sustainable business model that reflects a new economic environment and reality for our customers,” Wilson says.