Prudential Financial and Prudential Insurance Co. of America have entered into three separate transactions to sell their property and casualty business. The sales represent a combined after-tax loss of $262 million below book value, according to Moodys Investors Service.
The national property and casualty lines, except for New Jersey, are going to Liberty Mutual Group for $413 million. The New Jersey business is being sold to Palisades Group for $260 million. The company has earlier announced its decision to sell its specialty auto insurance line to Nationwide Mutual Insurance Co. for $142 million.