updated 5/10/2010 1:33:02 PM ET 2010-05-10T17:33:02

Insurer Liberty Mutual Group said Monday its subsidiary Liberty Mutual Agency Corp. plans to raise $100 million with an initial public offering.

Liberty said it will keep an 80 percent controlling stake in the business, which writes property and casualty insurance.

According to a securities filing, Liberty Mutual Agency plans to use the proceeds to pay off debt owed to the parent company.

The company released no timeline or details about how many shares would be offered.

It will list on the New York Stock Exchange under the ticker symbol, "LMA."

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