Liberty Mutual Insurance policy to nominate Kim Garland as president of State Auto Monetary Corp. following the completion of Liberty Mutual’s pending acquisition of State Auto. The deal is anticipated to shut in 2022.
Garland is presently senior vice chairman of non-public and industrial traces and managing director of State Auto Labs.
Mike LaRocco, present State Auto Monetary chair, chief govt officer and president, known as Garland “the precise individual to steer State Auto into a brand new future. ”
Liberty Mutual stated it has no announcement on LaRocco’s future function at the moment.
Since becoming a member of State Auto in 2015, Garland’s roles have included main private traces, main industrial traces and serving to discovered State Auto Labs, State Auto’s company enterprise capital fund. Garland additionally led the rebuild and restructuring of State Auto’s private traces and industrial traces companies.
Earlier than becoming a member of Columbus, Ohio-based State Auto, Garland was chief product officer for AIG’s World Property & Casualty Client Division. Beforehand at AIG, he helped lead the restructuring of United Warranty, AIG’s mortgage insurance coverage firm, as its chief working officer and later, CEO. Earlier than becoming a member of AIG, he managed the private auto enterprise at Safeco previous to its 2008 acquisition by Liberty Mutual, and likewise began Safeco’s former innovation firm.
Liberty Mutual to Purchase State Auto Group
Garland started his insurance coverage profession at GEICO, the place he held actuarial, product administration roles and customer support roles. He’s a member of the board of administrators of Rev1 Ventures, a Columbus-based startup accelerator and enterprise capital fund.
Liberty Mutual reported its plan to accumulate the super-regional insurance coverage holding firm in July. Underneath the phrases of the settlement, State Auto mutual members will change into mutual members of Liberty Mutual. Additionally, Liberty Mutual will purchase all the publicly held shares of frequent inventory of State Auto Monetary for $52 per share in a money deal of about $1 billion.
The acquisition will increase Liberty Mutual’s already robust place in private traces and small industrial insurance coverage. By way of the deal, Liberty Mutual will add $2.3 billion in premium and State Auto’s community of roughly 3,400 impartial businesses throughout 33 states. This may place it to change into the second largest provider within the impartial company distribution channel.
The insurance coverage subsidiaries of State Auto Monetary Corp. are a part of the State Auto Group. The State Auto Group markets its insurance coverage merchandise via impartial insurance coverage businesses. The State Auto Group contains State Vehicle Mutual, State Auto Property & Casualty, State Auto Ohio, State Auto Wisconsin, Milbank, Meridian Safety, Patrons Mutual, Rockhill Insurance coverage, Plaza Insurance coverage, American Compensation and Bloomington Compensation.
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