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Liberty Mutual Group has entered into a definite agreement with Safeco Corp. to acquire all of Safeco’s outstanding stock for $68.25 per share in cash. The transaction is valued at approximately $6.2 billion and is expected to close by the end of the third quarter of 2008.The transaction will make Liberty Mutual the fifth-largest property and casualty insurer in the U.S. Liberty Mutual’s 2007 direct written premiums were $20.2 billion, while Safeco had 2007 direct written premium of $5.9 billion. Liberty Mutual Agency Markets had revenues of $5.6 billion in 2007.Safeco will become part of Liberty Mutual’s Agency Markets Business Unit. Combined, the organization will have about 15,000 independent agencies. AAB Editor Laura Toops recorded an interview with Gary Gregg on the acquisition of Safeco by Libery Mutual. Listen Now or add this PodCast to your iTunes Library and take it with you for listening at your convenience. To add this PodCast to your iTunes Library, simply right click your mouse on this PodCast link and select “Copy Shortcut.”Then, open iTunes on your computer, choose “Advanced” from the menu at the top, choose “Subscribe to PodCast” and paste the URL that you just copied. For more information, visit www.libertymutualgroup.com.

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