American Financial Group Inc., the insurer run by Cincinnati’s Lindner family, agreed to buy Summit Holdings Southeast Inc. from Liberty Mutual Group Inc. for about $250 million to build its workers’ compensation business.
Bank of America Corp., the lender burdened by its Countrywide Financial Corp. takeover, would consider putting the unit into bankruptcy if litigation losses threaten to cripple the parent, said four people with knowledge of the firm’s strategy.
Liberty Mutual Insurance Co. settled a lawsuit the insurer filed against one of its former outside lawyers claiming he tried to extort new legal work with a threat to expose misconduct by an unidentified company executive.
Liberty Mutual Holding Co., the policyholder-owned insurer, postponed the largest U.S. initial public offering of 2010 as demand was less than the company had projected for a unit that sells policies through agents.
Liberty Mutual Holding Co., the second-largest policyholder-owned property-casualty insurer in the U.S., is expanding abroad and shortening the duration of bond holdings on concern that deficit spending and Federal Reserve policies may weaken the dollar.