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Mapfre to buy Safety Insurance Group in $1.54 billion all-cash deal

Safety shareholders will be paid $105 per share, and the acquisition is expected to close in the first quarter of 2027 pending approvals, including from the Massachusetts insurance commissioner.

Reported · Written up by our desk · Industry & Deals

Mapfre has agreed to acquire Safety Insurance Group in an all-cash transaction valued at approximately $1.54 billion, bringing the Boston-based property and casualty insurer into Mapfre USA.

Under the deal terms, Safety shareholders will receive $105 per share, a 44% premium to Safety’s closing stock price on July 23, 2026. Safety’s board and Mapfre’s board have both approved the transaction.

Following the acquisition, Safety will become a wholly owned subsidiary of Mapfre USA and continue operating under the Safety brand, with its management team and independent agency relationships expected to remain in place.

The companies expect the deal to close during the first quarter of 2027, subject to shareholder and regulatory approvals, including approval from the Massachusetts insurance commissioner. Safety’s CEO George Murphy said the transaction is an outcome for shareholders and a new chapter for the company’s underwriting and relationships with agents and clients, while the collaboration also aims to expand climate protection for vulnerable communities and businesses.

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