Liberty Mutual Group announced today it has reached an agreement to acquire Seattle-based insurer Safeco Corp. in a transaction valued at $6.2 billion.

In announcing the move, Boston-based Liberty Mutual said it will pay $68.25 per share in cash to become the fifth-largest U.S. property-casualty insurer. As of 2007, the combined 2007 direct written premium of the firms was $26.1 billion.

The proposed transaction, approved by the boards of both companies, is subject to approval by Safeco's shareholders as well as regulators.

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