BOSTON (November 12, 2024) – In a significant move within the insurance sector, Safeco Insurance, a Liberty Mutual company renowned for its personal lines insurance solutions, has announced a book transfer agreement with Main Street America Insurance. Main Street America Insurance, a well-known property and casualty carrier, is strategically shifting its focus to commercial and farm and ranch products, alongside fidelity and surety bonds.
This agreement encompasses seven lines of personal insurance business across 22 states. The renewal book includes a comprehensive suite of personal lines policies: auto, home, renters, condo, umbrella, landlord, motorcycle, RV, and watercraft. This strategic alliance allows Safeco to significantly bolster its personal lines footprint across key states, while simultaneously enabling Main Street America Insurance to concentrate its resources and expertise on its expanding commercial lines business. This strategic pivot by Main Street America Insurance was initially announced in late August, signaling a clear direction for the company’s future.
“This book transfer agreement is a landmark opportunity for Safeco, representing one of our largest portfolio expansions to date. It emphatically reinforces our commitment to the independent agent channel and solidifies our position as a premier personal lines carrier,” stated Luke Bills, President of Independent Agent Distribution, US Retail Markets, Liberty Mutual Insurance. “This strategic partnership is poised to significantly amplify our growth trajectory in numerous states and will pave the way for us to cultivate and expand our network of valued agency relationships.”
Richard Vaughn, Head of Sales at Main Street America, emphasized the strategic rationale behind this decision, stating, “At Main Street America, our ‘Agents First, Agents Only’ pledge is deeply ingrained in our operational ethos. This partnership with Safeco is a tangible demonstration of this commitment. As we strategically transition to concentrate exclusively on commercial lines, this agreement provides a thoughtful and robust solution for our agents. It ensures they can continue to offer the same high-caliber service and comprehensive protection to their personal lines clients without disruption.”
A key aspect of this agreement is the smooth transition for independent agents. Many of Main Street America’s nearly 4,000 independent agents are already affiliated with Safeco, streamlining the process. For those agents not yet partnered with Safeco, the opportunity to seek an appointment is readily available, ensuring a seamless continuation of service for policyholders. Safeco’s proven expertise in managing book transfers, coupled with its advanced technological capabilities, were critical factors in Main Street America’s decision. Both companies are deeply committed to prioritizing a positive agent and customer experience throughout this transition.
The policy transition is scheduled to commence in the second quarter of 2025, contingent upon meeting standard regulatory requirements in the relevant jurisdictions. This carefully planned timeline underscores both companies’ dedication to a methodical and well-executed transfer process.
About Liberty Mutual Insurance
At Liberty Mutual Insurance, our core belief is that progress is intrinsically linked to security. We are dedicated to providing robust protection against the unexpected, delivered with empathy and understanding. This commitment empowers individuals and businesses to embrace the present and pursue their aspirations for the future with confidence.
Operating since 1912 and headquartered in Boston, Liberty Mutual Insurance stands as the eighth-largest global property and casualty insurer, based on 2023 gross written premium. We are also ranked 87th on the Fortune 100 list of the largest corporations in the United States, based on 2023 revenue. As of December 31, 2023, Liberty Mutual boasted $49.4 billion in annual consolidated revenue.
Our global team comprises over 40,000 employees across 29 countries and economies worldwide. We offer a comprehensive suite of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
For further information, please visit www.libertymutualinsurance.com.
Contact: Liberty Mutual Insurance Public & Media Relations [email protected]
About Main Street America Insurance
Established in 1923, Main Street America Insurance provides a broad spectrum of commercial insurance solutions, farm and ranch policies, and fidelity and surety bond products throughout the United States.
Our foundational “Agents First, Agents Only” philosophy empowers independent agents to excel in managing complex commercial risks. Our strategic shift to concentrate on commercial lines, announced in August 2024, represents a continuation of our 100+ year evolution as a company. This strategic refocusing ensures sustained stability and ongoing success for our independent agents and their valued clients within the Main Street Insurance market.
Main Street America Insurance holds an “A” (Excellent) Financial Strength Rating with a Stable Outlook, and an “a+” Issuer Credit Rating from A.M. Best, underscoring its financial strength and reliability in the main street insurance sector. In 2018, Main Street America became part of the American Family Insurance group, the nation’s 13th-largest property/casualty insurance group and seventh-largest farm owner’s carrier. As American Family’s independent agent distribution channel, Main Street America leverages group resources to deliver superior main street insurance products and services. Discover more at msainsurance.com and connect with us on X, LinkedIn, Instagram and YouTube.
Contact: [email protected]
