Safety Insurance Group shares jump 41% after Spain’s Mapfre agrees to buy the regional insurer for $1.54 billion.
Safety Insurance Group (SAFT) will be acquired by an affiliate of Spain-based Mapfre in a deal valued at approximately $1.54 billion. The transaction, structured as an all-cash offer, triggered a 41% surge in Safety Insurance shares on Friday.
The acquisition marks Mapfre’s expansion into the U.S. regional property and casualty insurance market. Safety Insurance, which operates primarily in the Northeast, had not been the subject of prior takeover speculation. No competing bids were disclosed.
Shares of Safety Insurance closed at $87.20, up 41% from the previous session, reflecting investor approval of the deal premium.