American Financial Group Inc. said Thursday that it plans to acquire Summit Holdings Southeast, a subsidiary of Liberty Mutual Insurance, for $250 million in cash in order to expand its workers wage insurance offerings.
The deal is expected to close in the first or second quarter of 2014, the insurance holding company said.
Summit, which is based in Lakeland, Fla., provides worker compensation insurance to employers. It will continue to operate under the Summit brand after the acquisition closes, American Financial Group said.
Shares of Cincinnati-based American Financial Group rose 29 cents to $57.04 in later afternoon trading.