Liberty Mutual Puts Off Unit's $1.3B IPO

Law360, New York (September 29, 2010, 3:48 PM EDT) -- Citing a tough economic outlook, Liberty Mutual Group said Wednesday it would postpone a planned $1.3 billion initial public offering of Liberty Mutual Agency Corp., the insurance giant's property and casualty subsidiary.

Announcing its intention to delay the offering, Liberty Mutual said the IPO would be put off because of the stalled economic recovery, a volatile stock market, and continually undervalued property and casualty insurance stock prices.

Those factors have created an “unfavorable environment” in which to receive an appropriate value for the business unit, Liberty...
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