ASFC Shareholders Approve Sale to SAFECO.INDIANAPOLIS--(BUSINESS WIRE)--Sept. 17, 1997--Shareholders of American States Financial Corporation (NYSE NYSE
See: New York Stock Exchange :ASX ASX
See: Australian Stock Exchange ) have approved and adopted an Agreement and Plan of Merger which provides for SAFECO Corporation (NASD NASD
See: National Association of Securities Dealers
See National Association of Securities Dealers (NASD). :SAFC SAFC South Australian Film Corporation
SAFC Sunderland Association Football Club
SAFC Securities America Financial Corporation
SAFC South Australia Film Corporation
SAFC Stirling Albion Football Club (UK) ) to acquire 100 percent of ASFC ASFC Agence des Services Frontaliers du Canada (Border agency)
ASFC Accrington Stanley Football Club
ASFC Area-Scale Fractal Complexity (fractal geometry of engineering surfaces)
ASFC Automated Shop Floor Control common stock.
At a special meeting today, ASFC's shareholders approved the agreement which calls for SAFECO, a Seattle-based insurer and financial services provider, to acquire American States stock at a price of $47 per share.
American States operates exclusively through independent insurance agents and is recognized as a prominent writer of property-casualty insurance for small- to medium-sized businesses. The company operates in more than 40 states, with its greatest market presence in the Midwest and Pacific Northwest regions.
SAFECO, which wrote $2.3 billion in net written premium in 1996, will become the nation's 12th largest property-casualty insurer with the addition of American States which wrote more than $1.6 billion in net premium in 1996.
The companies expect the transaction to be completed Oct. 1.
CONTACT: American States Financial Corporation
Investors: Mark Chappell, 317/262-6930
Media: John Cook, 317/262-6790