Liberty Mutual Insurance said it completed the all-cash deal of about $1 billion for super-regional insurer State Auto Group.
The transaction was originally announced in July 2021. Now that it gained all required regulatory approvals, Liberty Mutual said it adds $2.3 billion in premiums and becomes the second-largest carrier in the independent agent channel with State Auto’s network of about 3,400 independent agencies across 33 states distributing personal and small commercial insurance.
Liberty Mutual said more than 2,000 State Auto employees will join its Global Retail Markets US business unit. The companies will continue to operate as separate businesses throughout most of 2022.
“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,” said Hamid Mirza, Liberty Mutual president and COO, Global Retail Markets US.