BOSTON, March 1, 2022 /PRNewswire/ — Liberty Mutual Insurance coverage has accomplished the acquisition of State Auto Group, a super-regional property and casualty insurance coverage holding firm headquartered in Columbus, Ohio that distributes private and small business coverages in 33 states via roughly 3,400 impartial brokers. Greater than 2,000 State Auto workers will be a part of Liberty Mutual’s World Retail Markets US enterprise unit.
By the mutual transaction and merger, initially introduced in July, Liberty Mutual provides $2.3 billion in premium and turns into the second-largest provider within the impartial agent channel.
Below the phrases of the settlement – which acquired all required regulatory approvals – State Car Mutual Insurance coverage Firm members turned mutual members of Liberty Mutual Holding Firm Inc. and Liberty Mutual acquired the entire publicly held shares of widespread inventory of State Auto Monetary Corp. (NASDAQ: STFC) for $52 per share in an all-cash-deal of roughly $1 billion. The businesses will proceed to function as separate companies all through most of 2022.
“Throughout Liberty Mutual and State Auto, we now have a shared dedication to the Unbiased Company channel and being the provider of selection for impartial brokers,” mentioned Liberty Mutual President & COO, World Retail Markets US, Hamid Mirza. “We’re carefully aligned in how we put folks first, try to make issues higher, and behave with integrity day by day. Collectively, we’ll be a frontrunner in each the private traces and small business insurance coverage markets, serving to policyholders after they want it most and giving our folks extra alternatives to develop and thrive.”
With the completion of the acquisition, Liberty Mutual additionally confirms the fast appointment of Kim Garland as president of State Auto. Garland was most lately the corporate’s senior vp of non-public and business traces and managing director of State Auto Labs. He added, “We carry collectively two organizations of passionate, pushed, and gifted people. Our mixed energy permits us to considerably develop {our relationships} with impartial brokers and brokers, and make extra strategic investments within the impartial agent channel to proceed driving worthwhile progress.”
Waller Helms Advisors LLC and Goldman Sachs & Co. LLC acted as monetary advisors and Skadden, Arps, Slate, Meagher & Flom LLP acted as authorized advisor to Liberty Mutual within the transaction.
Houlihan Lokey Capital, Inc. acted as monetary advisor and Kirkland & Ellis LLP acted as authorized advisor to the Particular Committee of Unbiased Administrators of State Auto Monetary Corp. within the transaction.
Keefe, Bruyette & Woods, a Stifel Firm, and BofA Securities, Inc. acted as monetary advisors and Squire Patton Boggs (US) LLP acted as authorized advisor to the Particular Committee of Unbiased Administrators of State Auto Mutual within the transaction.
About Liberty Mutual Insurance coverage
At Liberty Mutual, we imagine progress occurs when folks really feel safe. By offering safety for the sudden and delivering it with care, we assist folks embrace at present and confidently pursue tomorrow.
In enterprise since 1912, and headquartered in Boston, at present we’re the sixth largest world property and casualty insurer based mostly on 2020 gross written premium. We additionally rank 71 on the Fortune 100 record of largest companies within the U.S. based mostly on 2020 income. As of December 31, 2021, we had $48.2 billion in annual consolidated income.
We make use of over 45,000 folks in 29 international locations and economies around the globe. We provide a variety of insurance coverage services and products, together with private car, householders, specialty traces, reinsurance, business multiple-peril, staff compensation, business car, basic legal responsibility, surety, and business property.
For extra data, go to www.libertymutualinsurance.com.
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SOURCE Liberty Mutual Insurance coverage
