Liberty Mutual completes $6.2 billion acquisition of Safeco

By Lisa Kerner

Charlotte, N.C., Sept. 22 - Liberty Mutual Group Inc. said it became the fifth-largest property and casualty insurer in the United States with its completed acquisition of Safeco Corp.

Safeco joins Liberty Mutual's agency markets business unit, which consists of national and regional property and casualty insurance companies and specialty insurance companies, a Liberty Mutual news release said.

Paula R. Reynolds, formerly chairman, president and chief executive officer of Safeco, will leave the organization after a short transition period, Liberty Mutual said.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.