Liberty Mutual Insurance has agreed to acquire Ohio-based State Auto Group. Liberty Mutual will buy all of the publically held shares for $52 a share in cash valuing the company around $2.3 billion. Shares soared 190% to $50 in morning trading. The deal is expected to close next year.
The insurance industry as a whole is set to see a wave of consolidations as pressure from the pandemic pushes balance sheets tighter.