Washington insurance commissioner sets Sept. 10 hearing on Safeco acquisition by Liberty Mutual

By Jennifer Lanning Drey

Portland, Ore., Aug. 26 - The Washington Office of the Insurance Commissioner has scheduled an adjunctive proceeding for approval of the proposed merger between Safeco Corp. and Liberty Mutual Group for Sept. 10, according to a news release.

Washington is considered the lead state on the transaction, which requires approval from six other state departments of insurance, including California, Mississippi, Oregon, Illinois, Texas and Indiana.

With the scheduling of the hearing in Washington, the other states are now likely to schedule hearings of their own to follow, as such tends to be the typical path for merger hearings, according to a source at the California Department of Insurance.

As previously reported, Safeco shareholders voted to approve the merger in late July, and both companies expect the transaction to close in the third quarter.

Safeco is a Seattle-based insurance company.

Boston-based Liberty Mutual is a diversified insurer.

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