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.
Liberty Mutual, which is owned by its policyholders, offered $68.25 per share for Safeco, a 51 percent premium to Safeco's Tuesday closing price of $45.23 per share. On Wednesday, Safeco's shares soared $21.02, or more than 46 percent, to $66.25, in morning trading.