BOSTON (March 1, 2020) — Liberty Mutual Insurance has completed the acquisition of State Auto Group, a superregional property and accident insurance holding company based in Columbus, Ohio, that distributes personal and small business coverage in 33 states through approximately 3,400 independent agents. With the finalization of the agreement, Liberty Mutual confirmed the immediate appointment of Kim Garland as president of State Auto. In announcing its intention to buy State Auto in July, Liberty Mutual referred to that company's personal, commercial, specialty and agricultural insurance policy book, and drew particular attention to State Auto's ties to 3,400 independent insurance agencies in 33 states. LLC acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Liberty Mutual in the transaction.
With the completion of the acquisition, Liberty Mutual also confirms the immediate appointment of Kim Garland as president of State Auto. The merger will formally take place at a later date, Liberty Mutual reported, and the resulting entity will become “the largest auto insurer and one of the leading general insurers in Malaysia.” The transaction was closed after receiving regulatory approval in Malaysia and after Liberty Mutual signed a purchase and sale agreement with AmBank Group. Liberty Mutual Insurance announced that it has completed the acquisition of AmGeneral Insurance Berhad, an insurance company based in Malaysia. Under the terms of the agreement, which received all required regulatory approvals, the members of State Automobile Mutual Insurance Company became mutual shareholders of Liberty Mutual Holding Company Inc., and Liberty Mutual acquired all of the publicly traded common shares of State Auto Financial Corp.