Liberty Mutual has agreed to acquire Safeco Corp. for $68.25 per share in cash in a deal that will make Liberty Mutual the fifth largest U.S. property/casualty insurer and second largest surety writer.
The proposed transaction has been approved by the boards of directors of both companies. It is subject to approval by Safeco's shareholders as well as the customary regulatory approvals and conditions. The transaction is expected to close by the end of the third quarter of 2008.
Currently, Liberty Mutual is the sixth largest property and casualty insurer in the United States based on the company's 2007 direct written premium of $20.2 billion, while Safeco had 2007 direct written premium of $5.9 billion.
Safeco sells personal auto insurance and homeowners' insurance, and also small-case commercial insurance and surety products.
The Safeco deal is the second big acquisition in the past year for Liberty Mutual. The insurance company acquired Ohio Casualty Corp. last August.
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