Washington

Allstate Corp. last week announced it would not participate in the government’s Troubled Asset Relief Program, explaining that it already has adequate capital and cash on hand.

In a statement in which the company also disclosed it will pay a quarterly dividend of 20 cents a share, Allstate Chair and President Thomas Wilson said that while it appreciated the Obama administration’s decision to include insurers in TARP, “given Allstate’s strong capital and liquidity positions, we will not participate in this program.”

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