American Financial to buy Liberty Mutual unit for $250 million

The buyer will pay about $250 million in cash, with the eventual purchase priced tied to fluctuations in Summits book value.

By Alexandria Baca | January 10, 2014 at 05:22 AM

Jan. 9 (Bloomberg) — American Financial Group Inc., the provider of annuities and crop insurance, agreed to buy Summit Holdings Southeast Inc. from Liberty Mutual Group Inc. to expand offerings of workers' compensation coverage.

The buyer will pay about $250 million in cash, with the eventual purchase priced tied to fluctuations in Summit's book value, according to Business Wire statement today from Cincinnati-based American Financial.

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American Financial to buy Liberty Mutual unit for $250 million

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