Liberty Mutual Group said it completed its $6.2 billion acquisition of Safeco Corporation today and has restructured its Agency Markets business unit in light of the deal.
The company said Michael Hughes, executive vice president, Insurance Operations at Safeco, will replace Paula R. Reynolds as president of Safeco Insurance.
Mr. Hughes will also become executive vice president, Agency Markets. Ms. Reynolds, who also held the positions of chairperson and chief executive officer of Safeco, will be leaving the organization after a transition period.
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