M&A Deal Summary

White Mountains and Berkshire Hathaway Acquire Safeco Life & Investments Business

On March 15, 2004, White Mountains and Berkshire Hathaway acquired insurance company Safeco Life & Investments Business from Safeco for 1.4B USD

Acquisition Highlights
  • This is White Mountains’ 3rd and Berkshire Hathaway’s 5th transaction in the Insurance sector.
  • This is White Mountains’ and Berkshire Hathaway’s 20th largest (disclosed) transaction.
  • This is White Mountains’ 1st and Berkshire Hathaway’s 36th transaction in the United States.
  • This is White Mountains’ 1st and Berkshire Hathaway’s 2nd transaction in Washington.

M&A Deal Summary
Date 2004-03-15
Target Safeco Life & Investments Business
Sector Insurance
Buyer(s) White Mountains
Berkshire Hathaway
Sellers(s) Safeco
Deal Type Divestiture
Deal Value 1.4B USD

Target

Safeco Life & Investments Business

Redmond,, Washington, United States
Safeco Business Insurance, focuses mainly on group insurance, individual life insurance, structured settlements, retirement services and mutual funds.

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Buyer(S) 2

Buyer

White Mountains

Hamilton, Bermuda
Category Company
Founded 1980
Sector Insurance
Employees782
Revenue 2.2B USD (2023)
DESCRIPTION

White Mountains is a domiciled financial services holding company with business interests in property and casualty insurance and reinsurance. White Mountains was founded in 1980 and is based in Hamilton, Bermuda.

DEAL STATS #
Overall 3 of 22
Sector (Insurance) 3 of 19
Type (Divestiture) 2 of 12
State (Washington) 1 of 1
Country (United States) 1 of 17
Year (2004) 1 of 1
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-12-09 Sirius International Insurance Group

Hamilton, Bermuda

Sirius International Insurance Group, Ltd. is a provider of reinsurance services through its operating companies.

Buy $425M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-07 Helicon Reinsurance

Hamilton, Bermuda

Helicon Reinsurance Company Ltd. is a provider of reinsurance services.

Buy $150M
Buyer

Berkshire Hathaway

Omaha, Nebraska, United States
Category Company
Founded 1998
Sector Diversified
Employees396,500
Revenue 439.3B USD (2023)
DESCRIPTION
Berkshire Hathaway's corporate headquarters in Omaha, Nebraska.
Berkshire Hathaway's corporate headquarters in Omaha, Nebraska.

Berkshire Hathaway and its subsidiaries engage in diverse business activities including property and casualty insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing and services. Berkshire Hathaway was founded in 1998 and is based in Omaha, Nebraska.

DEAL STATS #
Overall 36 of 69
Sector (Insurance) 5 of 8
Type (Divestiture) 3 of 9
State (Washington) 2 of 3
Country (United States) 36 of 64
Year (2004) 1 of 1
Size (of disclosed) 20 of 37
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-08-07 Clayton Homes

Maryville, Tennessee, United States

Clayton Homes, Inc. provides manufactured and modular homes, apartments, commercial buildings, military barracks, and college dormitories to people all across the US. Clayton Homes was formed in 1934 and is based in Maryville, Tennessee.

Buy $1.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-01 The Medical Protective Company

Fort Wayne, Indiana, United States

The Medical Protective Company, Inc. (MedPro Group) is a primary medical professional liability coverage and risk solutions for primary healthcare providers.

Buy $825M

Seller(S) 1

SELLER

Safeco

Seattle, Washington, United States
Category Company
Founded 1923
Sector Insurance
Employees7,057
DESCRIPTION

Safeco Corporation is a provider of personal insurance products and services to individuals and families.

DEAL STATS #
Overall 1 of 2
Sector (Insurance) 1 of 2
Type (Divestiture) 1 of 2
State (Washington) 1 of 1
Country (United States) 1 of 2
Year (2004) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-01 Safeco Financial Institution Solutions

Santa Ana, California, United States

Safeco Financial Institution Solutions, Inc. is a provider of creditor-placed homeowners insurance and direct tracking services for mortgage lenders and servicers nationwide.

Sell -
Mergr

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