Liberty Mutual granted key regulatory approval for Safeco acquisition, closing expected Monday

By Jennifer Lanning Drey

Portland, Ore., Sept. 18 - Liberty Mutual Group Inc. obtained regulatory approval from the Washington Office of the Insurance Commissioner for its proposed acquisition of Safeco Corp. on Thursday, according to a news release.

The merger is expected to close on Monday.

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

With the conclusion of the hearings in Washington, the remaining states are likely to move quickly to schedule similar 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.

In April, Liberty Mutual agreed to acquire Safeco, a Seattle-based insurance company, for $68.25 per share in cash in a transaction valued at $6.2 billion.

Boston-based Liberty Mutual is a diversified insurer.

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