Search
 

Liberty Mutual Acquires Safeco

Claims News Service, Apr. 23, 3:37 p.m. EST -- As part of a deal that will make Liberty Mutual Group the fifth largest property and casualty insurer in the U.S., the company has agreed to purchase

By Christina Bramlet | Updated on April 23, 2008

Claims News Service, Apr. 23, 3:37 p.m. EST — As part of a deal that will make Liberty Mutual Group the fifth largest property and casualty insurer in the U.S., the company has agreed to purchase Safeco Corporation. Valued at $6.2 billion, the transaction stipulates that each share of Safeco stock be sold to Liberty for $68.25 cash. Both companies’ boards of directors have approved the transaction; however, Safeco’s shareholders must grant approval as well. All parties involved expect that the transaction will be completed by the end of the third quarter of 2008, at which point Safeco will join Liberty Mutual’s Agency Markets business unit. Agency Markets, which currently employs a workforce of 7,000, reported $5.6 billion in revenues in 2007 alone. Combined, the organization will have about 15,000 independent agencies.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.