Employers can give their employees a set amount of money and then direct them to a private exchange. There, they can shop for a health plan and other benefits, like dental, based on what the employer has selected as options.
Safeco sale 'bittersweet,' says CEO Reynolds. By DAN RICHMAN, P-I REPORTER. Selling Safeco Corp. was a bittersweet moment, Chief Executive Paula Reynolds said Wednesday, after the announcement that Boston's Liberty Mutual Group will buy the 85-year-old homegrown insurer for $6.2 billion in cash.
On April 23 the two companies entered into a definitive agreement where Liberty Mutual would acquire all outstanding shares of Safeco common stock for $68.25 per share. The companiesâ boards of directors, Safecoâs shareholders, and the departments of insurance in California, Illinois, Indiana, Missouri, Oregon, Texas and Washington had previously approved the transaction.