Liberty Mutual has entered into a definitive agreement to sell Liberty Life Assurance Company of Boston, which provides group disability, group life, individual life, and annuity products, to Lincoln Financial Group for approximately $3.3 billion.

The companies expect to complete the transaction in the second quarter of 2018, pending regulatory approvals and other customary closing conditions.

"The sale of the Life Company allows us to fully focus on our property and casualty business. The realignment will make it easier for our customers to access the full breadth of the personal, commercial, specialty, and reinsurance products that Liberty has to offer," said David H. Long, Liberty Mutual's chairman and chief executive officer.

The company added in a statement that, to enhance its ability to meet the changing needs of consumer and commercial customers, it will realign into two major property and casualty businesses: Global Risk Solutions ("GRS") and Global Retail Markets ("GRM").

GRS will bring together Liberty Mutual's Global Specialty, Ironshore, National Insurance, and the Global Reinsurance Strategy Group into a single entity.

Dennis J. Langwell, currently Liberty Mutual's chief financial officer, will lead GRS. Kevin H. Kelley, currently chief executive officer of Ironshore, will assume the role of vice chairman, global risk solutions, and report to Mr. Long.

GRM will combine Liberty Mutual's existing Global Consumer Markets with its Business Insurance and Accident and Health organizations formerly in Commercial Insurance. Timothy Sweeney, currently president of Global Consumer Markets, will lead GRM. Christopher L. Peirce, currently president of Global Specialty, will become Liberty's chief financial officer.