Bermuda-based White Mountains Insurance Group looks set to take a piece of Seattle-based insurer Safeco Corp.?s life insurance and investments business after the deal received the go-ahead from Washington state regulators.

White Mountains is a principal with Warren Buffett?s Berkshire Hathaway in Occum Acquisition Corp. which had bid for the Safeco divisions.

On Wednesday the state Office of the Insurance Commissioner approved the $1.35 billion sale. Occum will acquire the Safeco divisions by July 31.

The buyers have promised to keep Safeco Life?s 1,500 employees in Washington, according to the Insurance Commissioner?s Office. The new company is reportedly considering leased office space in Seattle?s Eastside suburbs.

?This is a winning transaction for everyone,? Insurance Commissioner Mike Kreidler said in a prepared statement. ?Safeco can now focus efforts on its core property and casualty insurance business, while Washington?s local economy will continue to benefit from the presence of a robust and growing life insurance company.?