Insurance provider Liberty Mutual Group said it was postponing the initial public offering of its property and casualty insurance arm Liberty Mutual Agency Corp. due to unfavorable economic conditions.
"The stalled economic recovery, volatile stock market and undervalued property and casualty insurance stock prices create an unfavorable environment for receiving appropriate value for the business," the company said in a statement.
The Boston-based company said it has "more than adequate" capital to conduct its business and that the delay would not impact its day-to-day operations.
In a filing with U.S. regulators earlier this month, the company said it expected to raise $1.22 billion through its offering of 64.3 million Class A shares.
The company had planned to list its stock on Nasdaq under the symbol "LMAC."
© 2012 Thomson/Reuters. All rights reserved.