After postponing an initial public offering of close to $1.3 billion, Edmund “Ted” Kelly,
Reflecting back on the company’s first attempt, Kelly said “We just didn’t like the pricing,”
As reported by Bloomberg, Liberty Mutual Agency Corp., the business unit that sells personal lines property and casualty as well as life insurance through its agent network, sought in September to sell 64.3 million Class A shares at $18 to $20 each only to pull the offer back, citing an “unfavorable environment.” Liberty Mutual joins at least 59 other companies that have postponed or withdrawn U.S. initial share sales this year
“There’s going to be opportunities out there,” Mr. Kelly said Thursday. “I hope in the not too distant future we will go back at it again.”
Owned by its policyholders, Liberty Mutual recently voluntarily reported its Q3 earnings, posting a profit of $567 million, up from $260 million a year earlier. The company’s private-equity income, including net investment gains, was $145 million in the latest quarter, as compared with a loss last year of $5 million. Revenue is reported to have increased 5.9% to $8.39 billion as net premiums written rose 7.1% to $7.72 billion.
