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Allstate Corp. signage stands on display outside the company’s headquarters in Northbrook, Illinois, U.S., on Tuesday, Jan. 21, 2020. For more than a decade, auto insurers have had ways to watch a driver’s behavior, often using phone apps or so-called telematic devices that connect to a vehicle and send data to the insurers. Now, Allstate, is going a step further by translating the data into an insurance rate that can vary from week to week. Photographer: Christopher Dilts/Bloomberg

Allstate Corp. is borrowing $1.2 billion to help fund its $4 billion acquisition of National General Holdings Corp. The insurer has solely hired banks owned by minorities, women, or veterans for its bond sale—in the biggest corporate deal yet to be managed only by diverse firms.

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