Liberty Mutual Group, based in the US state of Massachusetts, has announced the postponement of the initial public offering (IPO) of Liberty Mutual Agency Corp. (LMAC), citing the lacklustre demand from investors and the uncertain state of the US economy as main causes. Not so long ago it was heralded as the biggest IPO of 2010 in the US, Liberty Mutual Group had initially sought to raise almost US$1.3 billion (EUR 956 million) by selling 64.3 million Class A LMAC shares at an initial price of between US$18 (EUR 13.5) and US$20 (EUR 15) per share.

Liberty Mutual, the Boston-based American insurance group, has submitted to the Securities and Exchange Commission (SEC) an application to take public Liberty Mutual Agency Corp. (LMAC). According to the details in the IPO application form, Liberty Mutual plans to sell over 64 million shares at between US$18 (EUR 13.5) and US$20 (EUR 15) per share.

Liberty Mutual Group continues its expansion in China by starting branch operations in Zhejiang, after having received the approval of the China Insurance Regulatory Commission (CIRC). Liberty Insurance Company Limited (LICL) had received approval from CIRC to open the branch in Hangzhou, Zhejiang Province in December 2009.