Safeco Insurance, a Boston-based Liberty Mutual Insurance company, said it has entered into a book transfer agreement with Columbia Insurance Group, a Central and Midwest regional carrier.
Under the agreement, mutual insurer Columbia will transfer its entire personal auto and umbrella lines business in eight states to Safeco, effective for renewals beginning January 1, 2025. Safeco will expand its agency footprint and customer base in Arkansas, Illinois, Iowa, Kansas, Missouri, Nebraska, Oklahoma and South Dakota.
Personal auto made up about 11% of Columbia Insurance Group’s direct premiums written in 2023, according to AM Best, who has given the insurer a financial strength rating of A- (Excellent).
Safeco said a majority of Columbia agents currently having Safeco appointments, and those who do not will be given the opportunity to apply.
“This agreement is a valuable opportunity to grow business across the region and we welcome Columbia agents and customers to Safeco,” said Luke Bills, president of independent agent distribution, US Retail Markets, Liberty Mutual Insurance.
Columbia’s Keith Maciejewski, chief underwriting officer said it was a difficult decision to exit personal lines. He said the Columbia, Missouri-based carrier founded in 1889 will focus exclusively on commercial solutions going forward. According to its website, Columbia serves industries such as auto repair shops, contractors, restaurants, professional services, retailers, and warehouses.
“Columbia remains committed to enabling a smooth transition even as we enhance our focus on providing industry leading service for our agents and commercial policyholders,” Maciejewski said.
Topics Auto Personal Auto
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