April 28, 2008
Liberty Mutual to buy Safeco
On Wednesday, property and casualty insurer Safeco Corp. agreed to be acquired by Liberty Mutual Group in a $6.2 billion deal. The acquisition would make Liberty Mutual the fifth-largest property and casualty insurance-provider in the U.S. and the second-largest surety insurer. It is an odd time for such a large deal in the insurance business given the current distress in the financial community. Moreover, the deal will have to survive anti-trust analysis by either the DOJ or the FTC. Perhaps they are anticipating tougher anti-trust review under a Democratic administration.
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