Liberty Mutual will also add 3,400 independent agencies in 33 states, expanding its already extensive network of more than 100,000 independent agencies across the country. This makes Liberty Mutual the second largest airline in the independent agency sales channel in the United States.
The transaction will also add $ 2.3 billion in premiums to Liberty Mutual and significantly expand its market share in personal and small commercial insurance.
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“The State Auto Group’s skills and product expertise are an ideal complement to Liberty Mutual’s retail and small business operations, and we welcome 2,000 talented employees into our family,” said David Long, chairman and chief executive officer of Liberty Mutual .
“Its values are just as appealing. For nearly a century, State Auto has celebrated a culture of caring for people, exceptional service, and deep philanthropy.
Mike LaRocco, President and CEO of State Auto, commented, “The opportunity to join the Liberty Mutual organization is a direct result of the incredible work of the State Auto team, beginning with the transformation of our business and culture that began in 2015.
“We have developed into a digital provider of car, home and commercial insurance and remain committed to the independent agency system, as we have done since we were founded 100 years ago. Our partnership with Liberty Mutual will fuel this commitment to independent agents and contribute to the mutual success of our agents, policyholders, shareholders and employees. “
The transaction, which will mutually become members of State Auto members of Liberty Mutual, was approved by the boards of State Auto Financial and State Auto Mutual on the recommendation of a special committee of independent directors. The transaction is expected to close in 2022, subject to the approval of additional members, shareholders and regulators.