Ohio and Indiana regulators have approved Liberty Mutual Group's $2.7 billion acquisition of Ohio Casualty Corp., which the parties said today they expect to close on Friday.
Liberty said Dwight W. Bowie, president and chief executive officer of its Peerless Insurance unit, has been named to lead the transition of Ohio Casualty Corporation to Liberty Mutual Agency Markets on a countrywide basis. Michael R. Christiansen was named to the vacancy at Peerless.
When the deal was announced in May the companies said that Liberty Mutual, which is not public, would pay $44 per share and would fund the purchase with cash on hand and short-term debt in a transaction that is not subject to any financing contingencies.
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