Summit Holding Southeast Merging With Liberty Mutual

Lakeland, FL-based Summit Holding Southeast, Inc. (SHSE) says its shareholders have approved an Agreement and Plan of Merger, whereby Summit will be acquired by Boston-based Liberty Mutual Group. The merger is expected to be effective Wednesday, September 30, 1998.

SHSE, through its subsidiaries, Bridgefield Employers Insurance and Bridgefield Casualty Insurance, provides workers' compensation insurance for its subsidiaries and four unaffiliated self-insurance funds, largely in Florida and Georgia.

Pursuant to the Merger Agreement, Liberty Mutual will pay $33.00 for each of approximately 5.8 million outstanding shares of Summit's common stock. In addition, the outstanding shares of Series A Preferred Stock of Summit will be redeemed. Upon closing, Summit will become a wholly owned subsidiary of Liberty Mutual, and will be included in the Liberty Mutual intercompany reinsurance pool.