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IN BRIEF / INSURANCE

Liberty Mutual to Buy Prudential Business

May 23, 2003|From Reuters

Liberty Mutual Group agreed to buy the personal property and casualty insurance business of Prudential Financial Inc. for $540 million.

Privately held Liberty, based in Boston, will take over Prudential's $1.1 billion of automobile and homeowner's premiums, making it the No. 8 U.S. provider of personal insurance lines.

Prudential said it agreed to sell the national line to Liberty for a loss of $149 million compared with book value. Newark, N.J.-based Prudential has been selling businesses to boost profit.

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