Prudential Financial ( PRU) signed a definitive agreement to sell its property and casualty insurance companies that operate nationally in 47 states, outside New Jersey, to Liberty Mutual Group. The company also reached a deal with Palisades Group for the sale of its New Jersey property and casualty insurance companies. Previously, Prudential signed a pact with Nationwide Mutual Insurance to sell its specialty automobile insurance business, THI Holdings, for a total consideration of $142 million. The sale is expected to close in the third quarter. Prudential will sell its national property and casualty insurance companies for $413 million of notes issued by Liberty Mutual. The proceeds will represent a loss of $149 million, or 27 cents a share. The transaction will result in Prudential receiving the proceeds of the pending sale of the specialty automobile business. The specialty automobile business is currently owned by the main entity conducting the national property and casualty insurance business.