The Liberty Mutual Group, a property and casualty insurer, has finalized its acquisition of Safeco, which will join Liberty Mutual's agency markets business unit.

Liberty Mutual’s agency markets business unit consists of national and regional property and casualty, and specialty insurance companies that distribute personal, commercial, and surety products and services through independent agents and brokers.

The new Liberty Mutual agency markets will provide its products and services through the regional companies group – commercial lines; Safeco personal lines; and Liberty Mutual surety.

According to Liberty Mutual, the addition of Safeco enhances its ability to compete across a broad spectrum of markets served by independent agents and brokers.

Paula Reynolds, formerly chairman, president and CEO of Safeco, will be leaving the organization after a short transition period.