Liberty Mutual to acquire Ohio Casualty

Liberty Mutual Group in Boston today announced that it will acquire all outstanding shares of common stock of Ohio Casualty Corp. of Fairfield, Ohio for $2.7 billion in cash, or $44 per share. The proposed transaction, which has been approved by the boards of both companies, is subject to approval by Ohio Casualty shareholders and state regulators. It is expected to close in the third quarter. Liberty Mutual is the sixth largest property-casualty insurer by premium volume in the U.S. according to A.M. Best Co. Inc. of Oldwick, N.J., and also writes group disability insurance. Ohio Casualty ranks 50th, according to A.M. Best. Liberty Mutual has 6,800 employees and approximately 6,500 agents. Ohio Casualty has about 2,100 employees and 3,400 agents.