Boston-based insurer Liberty Mutual has sold off its middle market direct sale renewal business to three major insurance brokers and at the same time retired the Wausau brand, creating a new commercial business unit to work with independent agents.
Full financial terms were not detailed, but one of the brokers, Arthur J. Gallagher, said its portion of the deal could eventually total $164 million.
Liberty said it will now distribute its middle market commercial property-casualty business through agents and brokers through a new business unit, Liberty Mutual Middle Market.
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