July 14, 2021—Liberty Mutual has bought “super-regional” auto insurer State Auto Group, the company announced in a press release.
“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,” State Auto CEO Mike LaRocco said in a statement. “We’ve become a digital provider of auto, home and business insurance while remaining fully committed to the independent agency system, as we’ve been since our founding 100 years ago. Our partnership with Liberty Mutual will further that commitment to independent agents and contribute to the collective success of our agents, policyholders, shareholders and associates.”
The deal is expected to close in 2022. Liberty Mutual will buy the company for $52 a share. Through the deal, Liberty Mutual will add $2.3 billion in premium and State Auto’s network of approximately 3,400 independent agencies across 33 states.
