Personal lines insurer Allstate is partnering with CIT Group’s banking subsidiary CIT Bank to provide loans for middle-market companies.
The joint venture, called CIT Northbridge Credit LLC (CIT Northbridge), will offer revolving- and term-loan commitments from $15 million to $100 million. The broad range of flexible asset-based debt solutions is not typically available in traditional banks.
“CIT Northbridge further advances our efforts to grow our commercial lending franchise by leveraging CIT’s extensive experience in financing, leasing and advisory services, and Allstate’s investment expertise and capital,” said Jim Hudak, president of CIT Commercial Finance.
For Russ Mayerfeld, senior managing director of alternative investments at Allstate, the strategic partnership is a reflection of their shared vision to build a unique credit platform with attractive risk-adjusted returns.
“We continue to expand our alternative investment portfolio by building on our years of experience and partnering with talented organizations like CIT,” he said.
CIT Bank has more than $30 billion of deposits and more than $40 billion of assets.