Posted on 29 Sep 2010
Citing unfavorable economic conditions, Liberty Mutual Group announced that it was postponing the initial public offering of its property and casualty insurance arm Liberty Mutual Agency Corp.
"The stalled economic recovery, volatile stock market and undervalued property and casualty insurance stock prices create an unfavorable environment for receiving appropriate value for the business," the company said in a statement.
The insurer said it has "more than adequate" capital to conduct its business and that the delay would not impact its day-to-day operations.
In a filing with U.S. regulators earlier this month, the company said it expected to raise $1.22 billion through its offering of 64.3 million Class A shares.