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Report: Safeco Insurance to take over MAPFRE's personal lines biz in 3 states

Liberty Mutual Holding Co. Inc.'s unit Safeco Insurance Co. of America has agreed to take control of MAPFRE USA Corp. Inc.'s personal lines policies in Indiana, Kentucky and Tennessee, effective March 1, Insurance Journal reported Feb. 20.

The agreement is a step towards MAPFRE's strategic overhaul, which was announced in December 2017. According to the strategic overhaul, MAPFRE said it would exit five states, and following the deal to hand over policies to Safeco Insurance in three states, the company will look to exit New York and New Jersey, according to the report.

MAPFRE is seeking a buyer for its subsidiaries MAPFRE Insurance Co. of New York and MAPFRE Life Insurance Co., Insurance Journal wrote.