Washington Insurance Commissioner Mike Kreidler announced that his office has approved the acquisition of the Safeco Group by the Liberty Mutual Group for $6.2 billion.
Liberty Mutual has indicated that Safeco will keep its name, will remain headquartered in Seattle and will maintain the Safeco Foundation and its civic and charitable giving in the community. The transition will be seamless to policyholders, and the company will continue to use independent insurance agents.
“Safeco is proudly recognized as an institution in Washington and its proposed acquisition has been a high priority for my office,” said Commissioner Kreidler. “It was the largest, most complex deal we’ve ever been asked to approve. I’m extremely pleased at the thoroughness of the review, and our ability to issue a prompt decision and ensure a smooth transition.”
As a result of the sale, Safeco will change from a publicly-traded stock corporation to a privately-held company of Liberty Mutual. Under the terms of the deal, Liberty Mutual is subject to increased oversight and will submit quarterly reports on its finances and on its treatment of policyholders for the next two years.
Source: OIC
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