Mapfre to acquire Safety Insurance for $1.54 billion

Mapfre has agreed to acquire Safety Insurance Group in an all-cash transaction valued at approximately $1.54 billion.

Safety shareholders will receive $105 per share, representing a 44% premium to the insurer’s closing stock price on July 23, 2026.

Boston-based Safety is a property and casualty insurer focused on Massachusetts and the broader New England market. Following the transaction, it will become a wholly owned subsidiary of Mapfre USA and continue operating under the Safety brand. Its management team and independent agency relationships will also remain in place.

The deal was unanimously approved by Safety’s board and approved by Mapfre’s board. It is expected to close during the first quarter of 2027, subject to shareholder and regulatory approvals, including approval from the Massachusetts insurance commissioner.

“This transaction represents an exceptional outcome for our shareholders and an exciting new chapter for Safety. Throughout our history, we have built a company defined by strong underwriting, deep relationships with agents and clients, and an unwavering commitment to the communities we serve. Mapfre shares our long-term vision, our insurance culture, and our commitment to serving clients. Together, we will be even better positioned to invest in our people, strengthen our capabilities, expand our product offering, and continue delivering the high-quality service our clients and distribution partners expect from Safety.” – George Murphy, Chairman and Chief Executive Officer of Safety.