Liberty Mutual Group today announced that it is postponing the initial public offering of stock in Liberty Mutual Agency Corporation.
The company said 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 delay will not impact our business or our day-to-day operations, said Edmund F. Kelly, Liberty Mutual Group chairman and chief executive officer. “While we still believe this transaction is a useful step in giving the Group additional capital flexibility, we have more than adequate capital to conduct our business successfully.”
Source : Liberty Mutual Press Release
