State Auto Insurance: Who Owns It?

State Auto Insurance, or State Automobile Mutual Insurance Company, has been acquired by Liberty Mutual Insurance. The $1 billion deal was finalised in March 2022, with Liberty Mutual purchasing all publicly held shares of State Auto Financial Corp. for $52 per share. State Auto Insurance will continue to operate as a separate business throughout most of 2022, with its contacts, products, and processes remaining the same.

Liberty Mutual Insurance acquired State Auto Group for $1 billion

Liberty Mutual Insurance has acquired State Auto Group, a super-regional property and casualty insurance holding company based in Columbus, Ohio. The acquisition was completed on March 1, 2022, for approximately $1 billion.

State Auto Group distributes personal and small commercial coverages in 33 states through approximately 3,400 independent agents. As part of the acquisition, more than 2,000 State Auto employees joined Liberty Mutual's Global Retail Markets US business unit.

Through this deal, Liberty Mutual adds $2.3 billion in premium and becomes the second-largest carrier in the independent agent channel. State Automobile Mutual Insurance Company members became mutual members of Liberty Mutual Holding Company Inc., and Liberty Mutual acquired all publicly held shares of common stock of State Auto Financial Corp. (NASDAQ: STFC) for $52 per share.

The companies operated as separate businesses throughout 2022. However, State Auto customers and agency partners continued to interact with the same contacts, products, and processes. With the completion of the acquisition, Liberty Mutual confirmed the immediate appointment of Kim Garland as president of State Auto.

Liberty Mutual Insurance, in business since 1912 and headquartered in Boston, is a global property and casualty insurer. It offers a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, commercial automobile, and commercial property insurance.

State Auto Group distributes insurance in 33 states

State Auto Group, a super-regional property and casualty insurance holding company, distributes insurance in 33 states through approximately 3,400 independent agents. State Auto Group was headquartered in Columbus, Ohio, and was founded in 1921 as the first casualty insurance company to be headquartered in the city.

State Auto Group has been acquired by Liberty Mutual Insurance through a mutual transaction and merger. The $1 billion deal saw Liberty Mutual purchase all of the publicly held shares of common stock of State Auto Financial Corp. for $52 per share.

The acquisition of State Auto Group by Liberty Mutual Insurance is expected to bring together two organizations of passionate, driven, and talented individuals. The combined strength of the two companies will allow for significant expansion of relationships with independent agents and brokers. It will also enable more strategic investments in the independent agent channel to drive profitable growth.

Liberty Mutual Insurance is a global property and casualty insurer headquartered in Boston. With the acquisition of State Auto Group, Liberty Mutual adds $2.3 billion in premium and becomes the second-largest carrier in the independent agent channel. Liberty Mutual employs over 45,000 people worldwide and offers a diverse range of insurance products and services, including personal automobile, homeowners, and commercial insurance.

State Auto Group is a super-regional property and casualty insurance holding company

State Auto Group, formerly known as State Automobile Mutual Insurance Company, has been acquired by Liberty Mutual Insurance. The acquisition was completed on March 1, 2022, for approximately $1 billion. State Auto Group is now a subsidiary of Liberty Mutual, but it will continue to operate as a separate business throughout most of 2022.

Prior to its acquisition by Liberty Mutual, State Auto Group distributed its insurance products through approximately 3,400 independent agents across 33 states. These agents include retail agencies and wholesale brokers. The company's products include personal, business, specialty, and farm insurance policies.

With the acquisition, Liberty Mutual adds $2.3 billion in premium to its portfolio and becomes the second-largest carrier in the independent agent channel. More than 2,000 State Auto employees will now join Liberty Mutual's Global Retail Markets US business unit.

The acquisition was a mutual transaction and merger, with State Automobile Mutual Insurance Company members becoming mutual members of Liberty Mutual Holding Company Inc. Liberty Mutual also acquired all the publicly held shares of common stock of State Auto Financial Corp. (NASDAQ: STFC) for $52 per share in an all-cash deal.

Despite the change in ownership, State Auto will continue to operate as a separate brand with its own products, systems, and customer service team. The companies plan to combine their local and regional expertise, expand their product offerings, and enhance their digital capabilities to benefit customers and agents.

State Auto Group will continue to operate independently throughout 2022

State Auto Group, a super-regional property and casualty insurance holding company, has been acquired by Liberty Mutual Insurance. The acquisition, which was finalised on March 1, 2022, saw Liberty Mutual add $2.3 billion in premium and become the second-largest carrier in the independent agent channel. The deal was worth approximately $1 billion, with Liberty Mutual purchasing all publicly held shares of State Auto Financial Corp. for $52 per share in an all-cash transaction.

Despite the acquisition, State Auto Group will continue to operate independently throughout 2022. State Auto will maintain its brand, products, systems, customer service team and staff. Customers and agency partners will continue to engage with the same State Auto contacts, products and processes. This means that State Auto customers will experience no immediate changes to their insurance coverage or services.

The acquisition will, however, bring about changes in the management of State Auto. While the day-to-day operations will remain the same, Liberty Mutual intends to nominate a new slate of directors and appoint new executive officers to align with other companies within its group. Kim Garland, previously the senior vice president of State Auto, has been appointed as the new president of State Auto.

The decision to maintain State Auto as a separate business throughout 2022 reflects the commitment of both companies to the independent agency channel. Liberty Mutual recognises the value of State Auto's relationships with 3,400 independent insurance agencies across 33 states. By allowing State Auto to operate independently, Liberty Mutual can gradually integrate and optimise the combined organisation, ensuring a smooth transition for customers and employees.

State Auto's independence throughout 2022 provides time to align strategies, processes and operations between the two companies. This period allows for a thoughtful and deliberate approach to integrating systems, staff and cultures, ensuring that the combined entity can deliver enhanced value to customers and partners.

State Auto Group's president is Kim Garland

State Auto Group is owned by Liberty Mutual Insurance, which acquired the company in a deal worth approximately $1 billion. The acquisition was completed on March 1, 2022, with State Auto Group continuing to operate as a separate business for most of 2022.

Following the acquisition, Liberty Mutual appointed Kim Garland as president of State Auto. Garland, who joined State Auto in 2015, has held several leadership positions within the company, including senior vice president of personal and commercial lines and managing director of State Auto Labs.

Garland has been instrumental in the transformation and growth of State Auto, particularly in the rebuild and restructuring of its personal and commercial lines businesses. With a background in actuarial, product management, and customer service roles, Garland has extensive experience in the insurance industry. Prior to joining State Auto, he held positions at GEICO, AIG, and Safeco.

As president, Garland will lead State Auto's super-regional property and casualty insurance business, which distributes personal and commercial coverages in 33 states through a network of approximately 3,400 independent agents. With the acquisition, Liberty Mutual adds $2.3 billion in premium and becomes the second-largest carrier in the independent agent channel.

Garland's appointment as president of State Auto Group demonstrates his strong leadership capabilities and expertise in the insurance industry. His focus on innovation and growth will help drive profitable expansion for the company.

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