First American to transfer P&C insurance book to Safeco, Heritage Insurance

First American Financial Corp.'s property and casualty insurance subsidiaries signed book transfer agreements with Liberty Mutual Holding Co. Inc.'s Safeco Insurance and Heritage Insurance Holdings Inc.

The agreements will allow the P&C insurance subsidiaries' agents and customers to transfer their policies to Safeco, or in some cases, Heritage.

The transaction is expected to be completed by the end of the third quarter of 2022.

The move follows First American's decision to exit its P&C business and to focus on its core business.

Merger & Acquisition Services Inc. was the sole financial advisor to First American.