Safeco Corp. has entered into a definitive agreement to sell its life and investments operations to a group of investors led by White Mountains Insurance Group, Ltd., and Berkshire Hathaway Inc. The sale includes Safeco Life & Investments' life insurance, group insurance, annuities and mutual fund businesses. The purchase price is $1.35 billion, and could include additional proceeds based on June 30, 2004 statutory book value.
In a separate transaction, Safeco has signed a definitive agreement to sell its Talbot Financial Corporation insurance brokerage operation for $90 million to an investor group led by senior management of Talbot Financial, with financial support from Hub International Limited. The enterprises included in the two transactions represent substantially all of the earnings generated by Safeco's Life & Investments segment.
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