Liberty Mutual Insurance wraps up $1bn acquisition of State Auto Group
Liberty Mutual Insurance, an American insurance giant, has wrapped up the $1 billion worth acquisition of State Auto Group, an Ohio-based property and casualty insurance holding company.
Under the terms of the deal announced in July 2021, Liberty Mutual Insurance acquired paid $52 per share in cash to shareholders of the publicly-listed State Auto Group.
State Auto Group is engaged in distributing personal and small commercial coverages in 33 US states via nearly 3,400 independent agents. Over 2,000 of its employees will join the global retail markets US business unit of Liberty Mutual Insurance.
Through the deal, Liberty Mutual Insurance has gained $2.3 billion in premium and is said to become the no.2 carrier in the independent agent channel.
Liberty Mutual Insurance wraps up $1bn acquisition of State Auto Group. Photo courtesy of User54871/Wikipedia.org.
Hamid Mirza — Liberty Mutual President and COO of global retail markets US said: “Across Liberty Mutual and State Auto, we have a shared commitment to the Independent Agency channel and being the carrier of choice for independent agents.
“We are closely aligned in how we put people first, strive to make things better, and behave with integrity every day. Together, we’ll be a leader in both the personal lines and small commercial insurance markets, helping policyholders when they need it most and giving our people more opportunities to grow and thrive.”