Liberty Mutual to Acquire Safeco Corporation - BodyShop Business

Liberty Mutual to Acquire Safeco Corporation

Liberty Mutual Group and Safeco Corporation announced that they have entered into a definitive agreement where Liberty Mutual will acquire all outstanding shares of Safeco for $68.25 per common share in cash.

The proposed transaction, which is valued at approximately $6.2 billion, has been approved by the Boards of Directors of both companies. It’s 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. The transaction is not subject to financing contingencies.

Upon completion of the transaction, Liberty Mutual will become the fifth largest property and casualty insurer in the United States. Currently, Liberty Mutual Group is the sixth largest property and casualty insurer in the United States based on direct written premium of $20.2 billion, while Safeco had 2007 direct written premium of $5.9 billion.

Recent statistics place Liberty Mutual ninth in the U.S. for total private passenger auto insurance and Safeco at number 13. The newly combined company would rank seventh in the U.S. by total direct premiums written. This would place it slightly below Nationwide in auto insurance market share, and comfortably above USAA.

Following the transaction, Safeco will become part of Liberty Mutual Group’s Agency Markets business unit. Combined, the organization will have about 15,000 independent agencies.

You May Also Like

National Auto Body Council Board of Directors Nomination Process Closing Soon

NABC Board of Directors nominations are due Sept. 6, 2019, 60 days prior to the NABC Annual Meeting and Board Elections on Nov. 6, 2019 at the 2019 SEMA Show in Las Vegas.

The National Auto Body Council (NABC) announced in early August that nominations were open for the NABC Board of Directors. The NABC board is comprised of collision repair industry companies and individuals representing the industry's thought leaders. These volunteer board members donate their time and expertise to lead the NABC and serve its industry membership.  

Cruise Postpones Release of Driverless Taxi Service

Cruise, a GM subsidiary, recently announced that it will miss its goal of launching a large-scale self-driving taxi service in 2019.

Cutting Edge Automotive Solutions Partners with Andretti Rallycross

Andretti Rallycross announced that Cutting Edge Automotive Solutions will serve as technical partner on Cabot Bigham’s No. 02 OINK Clothing Beetle for the remainder of the 2019 Americas Rallycross season, showcasing their SP Tools USA brand.

Ford, Volkswagen Expand Collaboration to Include Autonomous, Electric Vehicles

Ford Motor Company and Volkswagen AG announced they are expanding their global alliance to include electric vehicles – and will collaborate with Argo AI to introduce autonomous vehicle technology in the U.S. and Europe.

CCAR Updates Website with More OSHA Alliance Resources

CCAR (Coordinating Committee For Automotive Repair) has announced the addition of new Occupational Safety and Health Administration (OSHA) Alliance content on its main website, www.ccar-greenlink.org.

Other Posts

CARSTAR McLaren Lake Forest and CARSTAR McLaren Irvine Open in California

Owned by husband-and-wife team James and Mary Davis, CARSTAR McLaren Lake Forest and CARSTAR McLaren Irvine are a family business.

CIECA to Offer Webinar on What Businesses Need to Know to Implement CIECA Standards

CIECA will hold its next CIECAst webinar, “Implementing CIECA Standards: Implementation Guide and Appendix C – BMS, Code Lists and Shema Components,” on Tuesday, Dec. 11, 2018 at 11 a.m. CST.

CARSTAR Urges Customers to Stay Winter Ready

Cold weather can create some of the harshest driving conditions of the year. The months between October and February top the list for accidents, vehicle damage and injuries.

CIECA Adds Broadly as Corporate Member

The Collision Industry Electronic Commerce Association (CIECA) announced that Broadly has joined CIECA as a corporate member.