The Allstate subsidiary that is the key element to a structured sale, NABCO Assignments Ltd., announced today that it is changing it's name to Allstate International Assignments Ltd effective March 1, 2007.
While it is largely cosmetic there is no doubt in my mind that the conversion from the awkward sounding NABCO, to the more appropriately identified Allstate International Assignments, Ltd, will assist greatly in the growth of structured sale annuity contracts to fund secured installment sales of real estate.
Very often i'd be answering questions and concerns about who NABCO was, why they were in Barbados, and how they were related to Allstate, and now the change of name gives the more proper appearance of a true subsidiary/parent tie in that will get rid of some of the surface objections often faced when trying to explain who was who.
If you are currently working on a structured sale, or have presented an illustration for a structured sale, using the old NABCO name, Allstate will continue to accept old paperwork under the NABCO moniker until May 31, 2007, after which all documents, illustrations and applications must reflect the new name.
Great move by Allstate. Cosmetic in nature but a realization that it's the Allstate name that sells the non-qualified or structured sale contracts, not NABCO.