State Auto Money marketed to Liberty Mutual for $1 billion

State Auto Financial on East Broad Street.

One particular of Columbus’ longtime coverage providers is having a new owner as consolidation in the industry carries on.

Condition Car Fiscal claimed Monday that it is currently being acquired by Boston-based Liberty Mutual in a $1 billion deal remaining pitched as a way to enable Liberty grow its offerings for tiny industrial insurance policies and buyers.

Liberty Mutual is purchasing Point out Automobile for $52 per share, or about triple its closing selling price of $17.26 on Friday. 

Condition Vehicle claimed it would not count on the deal to consequence in any personnel reductions.

“Liberty Mutual seems to be ahead to welcoming extra than 2,000 State Vehicle associates to their crew after the acquisition is accredited and shut,” Condition Automobile spokesman Kyle Anderson claimed. “Liberty Mutual has a prolonged record of strategic acquisitions and effectively integrating all those firms to optimize the value for Liberty Mutual and our consumers and distribution partners.”