Liberty Mutual said it is postponing plans for an initial public offering (IPO) of stock for its agency division, Liberty Mutual Agency Corp.
The move comes just weeks after the Boston-based insurer filed paperwork for the IPO, which it expected to generate some $1.2 billion that could be used to pay down corporate debt.
Liberty Mutual blamed the recession, volatile stock market and weak property/ casualty insurance stock prices for the decision to postpone.
“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.”
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