LMAC offers personal and commercial lines of insurance to individuals and small to mid-sized businesses, as well as surety bonds, through independent agents. Liberty Mutual Group will own at least 80 percent of LMAC following the initial public offering and maintain a significant controlling interest going forward, while other shareholders will own up to 20 percent. The status of Liberty Mutual Holding Company Inc. (LMHC) as a mutual holding company will be unaffected by this proposed transaction. Similarly the status of the other companies in the Liberty Mutual Group will be unchanged.
"A publicly traded subsidiary representing a portion of our business offers us access to public equity markets and increases our overall financial flexibility to help us achieve our longer-term strategic objectives,” said Edmund F. Kelly, Liberty Mutual Group Chairman, President and Chief Executive Officer.