Boston – Liberty Mutual Group has made its acquisition of Ohio Casualty Corp. official. Liberty first announced its intention to purchase the Fairfield, Ohio-based carrier for $44 per share in cash in May.
Ohio Casualty Corp. is the holding company of the Ohio Casualty Insurance Co. and five other property/casualty insurance companies, which are referred to under the marketing brand Ohio Casualty Group. Ohio Casualty will join Liberty Mutual Group’s Agency Markets business unit, which consists of regional property/casualty and specialty insurance companies that distribute products and services through independent agents and brokers.
Boston-based Liberty says the acquisition will give the company a stronger family of regional and specialty companies.
“The addition of Ohio Casualty enhances the scale and geographic diversification of our Agency Markets business unit while strengthening the overall Liberty Mutual Group,” says Edmund Kelly, Liberty Mutual Group chairman, president and chief executive officer. “This is an excellent fit for us and further demonstrates our commitment to independent agents and their customers.”
A Liberty Mutual spokesperson told INN today that additional information concerning the technological aspects of the integration will be available in the coming weeks.
Sources: Liberty Mutual Group, INN Archives
