Shareholders at State Auto Group voted overwhelmingly to approve Liberty Mutual Holding Company’s $1 billion plan to buy the company.
The Ohio-based super-regional insurance holding company said the vote to adopt the proposed merger agreement comes with 99.5 percent of shares voted, including abstentions.
Plans call for closing the transaction in 2022, pending State Auto Mutual Insurance Company member approval, as well as regulatory approvals and other customary closing conditions.
Liberty and State Auto first announced their merger plans in July.
Liberty Mutual expects the deal to vault it into the position of being the second-largest independent agency carrier and an industry leader in personal lines and small commercial insurance.
Once complete, the transaction will add State Auto’s network of roughly 3,400 independent agencies across 33 states to Liberty Mutual’s 10,000 agents distributing Liberty Mutual small commercial and Safeco personal lines products.
Source: State Auto