JPM | US Special Situations Daily: July 24, 2026: North America Special Situations Specialist Commentary Mergers Arbitrage • Pre-Announced • Spinoffs • Event Driven

Research evidence excerpt

JPM | US Special Situations Daily: July 24, 2026: North America Special Situations Specialist Commentary Mergers Arbitrage • Pre-Announced • Spinoffs • Event Driven

re, followed by Progressive Casualty (12.1%), Government Employees Insurance (11.5%), SAFT (9.4%), and

Plymouth Rock Assurance (7.9%). In the commercial automobile insurance segment, SAFT holds the top position at 13%,

ahead of MAP (11.8%), Arbella Mutual (11%), and Progressive Casualty (9.1%). For the homeowners insurance business,

MAP again leads with 10.6%, followed by Liberty Mutual (8.1%), SAFT (7%), and The Andover Companies (6.5%).

Combining MAP and SAFT, their market share totals 27.7% in private passenger automobile insurance (18.3% + 9.4%),

24.8% in commercial automobile insurance (11.8% + 13%), and 17.6% in homeowners insurance (10.6% + 7%).

• Deal Spread: SAFT is trading pre-market at $103 implying a 5.6% gross spread and 8.2% annualized. (generally in line

with spreads on insurance deals)

• Company descriptions: SAFT, based in Boston, MA, is the parent of Safety Insurance Company, Safety Indemnity

Insurance Company, Safety Property and Casualty Insurance Company, Safety Northeast Insurance Company, and Safety

Northeast Insurance Agency, Inc. Operating exclusively in Massachusetts, New Hampshire, and Maine, Safety is a leading

writer of property and casualty insurance products, including private passenger automobile, commercial automobile,

homeowners, dwelling fire, umbrella and business owner policies. Mapfre is a global insurance, reinsurance, assistance,

and financial solutions company. It is the largest Spanish-owned insurer in the world, a leading multinational insurance

group in Latin America, and ranks sixth among the largest insurers in Europe by revenue. Mapfre employs more than