Mapfre to Buy Safety Insurance for About $1.54B -- Update

By Josh Beckerman

Spain-based insurance company Mapfre agreed to buy property and casualty insurer Safety Insurance Group for about $1.54 billion.

The $105-a-share deal provides a 44% premium to Safety Insurance's Thursday closing price of $72.94.

The stock was recently up 38% to $100.99 after hours.

The deal is expected to close during the first quarter of 2027, subject to customary closing conditions and regulatory approvals. Safety will continue operating under its brand.

"As part of Mapfre, Safety will benefit from greater financial strength, broader insurance expertise, and enhanced technological capabilities," Boston-based Safety said.

Last week, AM Best revised its outlook for Safety to negative from stable, while affirming its financial strength and long-term issuer credit ratings. It said the outlook reflected factors including loss severity trends and weather-related events.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

July 23, 2026 17:29 ET (21:29 GMT)