Liberty Mutual Sells Canadian P/C Operations

Liberty Mutual Group yesterday announced an agreement to sell its Canadian personal lines property and casualty operations (automobile and homeowners insurance) to Meloche Monnex, Inc., a member of TD Bank Financial Group. The transaction is subject to regulatory approvals and is expected to close during the second quarter of 2004. Headquartered in Markham, Ont., Liberty Mutual's Canadian personal lines business is supported by 775 employees, and had direct written premiums of approximately $300 million (C$390 million) in 2003, with 350,000 policies in-force. "Liberty Mutual's North ...