Prudential Sells P-C Units Prudential FinancialInc., the country's largest life insurer, is selling off its autoand homeowners insurance businesses to Liberty Mutual InsuranceCompany and Palisades Group for some $673 million in total.
Under the announced agreement with Palisades Group, the BerkeleyHeights-based company will buy the Prudential Property and CasualtyInsurance Company of New Jersey for $260 million. Boston-basedLiberty Mutual will acquire Prudential's p-c operations in 47 otherstates as well as in Washington, D.C., for $413 million innotes.
According to figures from Oldwick, N.J.-based A.M. Best Inc. andPrudential's annual financial filings, Prudential's nationwide p-coperations posted $1.57 billion in net written premiums last year,while its New Jersey business had $512 million in 2002 net writtenpremiums.
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