Allstate Corp. has entered into an accelerated share repurchase agreement with Wells Fargo Bank NA to purchase $1 billion of its outstanding common stock.

Wells Fargo is expected to buy the insurer's common shares on or before May 3, 2019.

Allstate announced a buyback plan for $3 billion worth of common shares on Oct. 31. Excluding repurchases under this agreement, the company has bought back 14.2 million common shares this year as of Dec. 13, for an aggregate amount of $1.35 billion.