(Reuters) – Activist investor Carl Icahn holds a roughly $400 million, or 1%, stake in insurer Allstate Corp, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
Icahn has not yet made any demands as he supports the insurer’s move to cut costs and sell more products directly to consumers, the report added. (https://on.wsj.com/3uiS2nS)
Allstate and Icahn Capital did not immediately respond to Reuters requests for comment.
Shares of Allstate rose as much as 1.4% after the news surfaced. The company has a market value of nearly $40.46 billion.
(Reporting by Sahil Shaw in Bengaluru; Editing by Shinjini Ganguli)