Liberty Mutual succeeds in Safeco takeover
US insurer Liberty Mutual Group has announced it will acquire Safeco Corporation for $US6.2 billion ($6.5 billion).
The proposed transaction has been approved by the companies’ board of directors but is still subject to approval by regulators and Safeco’s shareholders.
Once the transaction is completed, Liberty Mutual will become the fifth-largest property and casualty insurer in the US.
Last year, Safeco’s net premium written was $US5.6 billion ($5.9 billion) compared with Liberty’s $US22.5 billion ($23.8 billion), S&P reports.
Following the transaction, which is expected to close by the end of the third quarter, Safeco will become part of Liberty Mutual Group’s Agency Markets business unit.
The proposed transaction has been approved by the companies’ board of directors but is still subject to approval by regulators and Safeco’s shareholders.
Once the transaction is completed, Liberty Mutual will become the fifth-largest property and casualty insurer in the US.
Last year, Safeco’s net premium written was $US5.6 billion ($5.9 billion) compared with Liberty’s $US22.5 billion ($23.8 billion), S&P reports.
Following the transaction, which is expected to close by the end of the third quarter, Safeco will become part of Liberty Mutual Group’s Agency Markets business unit.