SEATTLE --- The shareholders of Safeco Corp. on July 29 voted overwhelmingly to approve a merger agreement with Liberty Mutual Group.
Of those Safeco shareholders who voted, 99.5 percent voted to approve the transaction. Under the terms of the merger agreement, Liberty Mutual will acquire all outstanding shares of common stock of Safeco for $68.25 per share, in cash. The transaction is not subject to financing contingencies.
The proposed transaction remains subject to approval of various state departments of insurance. Following these approvals, the transaction is expected to close by the end of the third quarter of 2008.
Safeco, in business since 1923, is a Fortune 500 property and casualty insurance company based in Seattle. The company sells insurance to drivers, home owners and owners of small- and mid-sized businesses principally through a national network of independent agents and brokers. Safeco is also one of the nation's leaders in the sale and service of surety bonds.