(Bloomberg) — Allstate Corp., the largest publicly traded U.S. home and auto insurer, said Chief Investment Officer Judy Greffin is retiring effective March 31 after helping diversify the company's portfolio beyond bonds.

Chief Financial Officer Steve Shebik will serve as interim CIO while Allstate seeks a replacement, the Northbrook, Illinois-based company said Thursday in a statement.

Chief Executive Officer Tom Wilson will look for a replacement to carry out his strategy of pursuing bets on hard assets to generate better returns than bonds. The company said last week that it was helping to start a freight rail-car leasing venture, and Allstate has also targeted investments in property and timber.

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