One of Columbus’ longtime insurance companies is getting a new owner as consolidation in the industry continues.
State Auto Financial said Monday that it is being bought by Boston-based Liberty Mutual in a $1 billion deal being pitched as a way to help Liberty expand its offerings for small commercial insurance and consumers.
Liberty Mutual is buying State Auto for $52 per share, or about triple its closing price of $17.26 on Friday.
State Auto said it doesn’t expect the deal to result in any staff reductions.
“Liberty Mutual looks forward to welcoming more than 2,000 State Auto associates to their team once the acquisition is approved and closed,” State Auto spokesman Kyle Anderson said. “Liberty Mutual has a long history of strategic acquisitions and successfully integrating those companies to optimize the value for Liberty Mutual and our customers and distribution partners.”
Liberty Mutual has committed to operating out of