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.

Companies typically work with large banks like JPMorgan Chase & Co., Bank of America Corp., and Citigroup Inc., which lend to corporations for small fees in the hopes of winning more lucrative capital-markets business. Diverse firms, which are mostly structured as boutique investment banks, usually have smaller roles in bond deals with less responsibility for allocations.

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