SEATTLE, Aug. 2--Safeco today announced it has completed the sale of its Life & Investments (L&I) operation to an investor group led by White Mountains Insurance Group, Ltd., and Berkshire Hathaway Inc. Safeco completed the sales of Safeco Trust Company in April 2004 and Talbot Financial Corporation in July 2004.
Proceeds from these sales totaled $1.51 billion. Approximately $710 million of the proceeds will be used to retire $620 million aggregate face value of debt and capital securities, returning Safeco's debt-to-capital ratios to pre-sale levels, and approximately $620 million has been returned to shareholders through a common stock buyback of 13.2 million shares, executed through an accelerated stock buyback program.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access