Shareholders of Seattle-based Safeco Corp. yesterday approved the insurer's merger agreement with Liberty Mutual Group.
The vote came at the annual meeting where management reported that the company second-quarter net income was down by 20 percent.
Of Safeco shareholders who voted, the company said 99.5 percent voted to approve the Liberty Mutual transaction. Under the terms of the merger agreement, Liberty Mutual will acquire all outstanding shares of common stock of Safeco for $68.25 per share, in cash.
The transaction is valued at $6.2 billion.
Safeco, in business since 1923, provides auto and home insurance as well as coverage for small- and midsize businesses principally through independent agents and brokers. Safeco also sells and services surety bonds.
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