Liberty Mutual Acquires State Auto

Issue 79

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.

Source: Bloomberg