Boston-based Liberty Mutual Group is planning an initial public offering for its subsidiary, Liberty Mutual Agency Corporation (LMAC). 

Operating through independent agents, LMAC will conduct business currently performed by Liberty’s Agency Markets strategic business unit and offer personal and commercial lines of insurance to individuals and small to mid-sized businesses, as well as surety bonds. Following the IPO, Liberty Mutual Group will retain a significant controlling interest in LMAC, owning at least 80% of it shares. The status of Liberty Mutual Holding Company Inc. and the other companies in the Liberty Mutual Group will be unchanged by the IPO.

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