Liberty Mutual Buys Personal Lines from Prudential

Liberty Mutual Group yesterday announced the signing of a definitive agreement to acquire Prudential Financial, Inc.'s (NYSE: PRU) U.S. personal lines property and casualty operations in 47 states, excluding its New Jersey, specialty auto and affinity businesses. The purchase, valued at approximately $540 million, will make Liberty Mutual Group the eighth-largest provider of personal lines insurance in the U.S. The companies expect to finalize the transaction by year-end, subject to customary closing conditions and regulatory approvals. Liberty Mutual and Prudential Financial will enter into...