NEW YORK ( TheStreet) -- Liberty Mutual has filed paperwork with the Securities Exchange Commission to take its agency public. The S-1 filing says the insurer plans to sell over 64 million shares at $18 and $20 per share. "This will be the biggest IPO of the year," Scott Sweet, senior managing partner at IPO Boutique told The Street. "This is a good move for Liberty Mutual." Liberty Mutual's agency is made up of independent agents and brokers that distribute the property and casualty insurer's products. Shareholders will own about 20% of the company under the IPO and Liberty Mutual would retain an 80% stake in the company. Liberty Mutual Agency would file on the Nasdaq under the symbol "LMAC." The IPO could bring in $1.17 billion for the insurer that would be used to pay down debt, including $130 million from its acquisition of 2007 purchase of insurer Ohio Casualty. This IPO will essentially differentiate Liberty Mutual from other public and private insurers such as Allstate ( ALL) and Travelers ( TRV), said Sweet. "If it goes off -- and based on the interest I believe it will -- this will be a success," Sweet said. "Liberty Mutual is also likely to use the money to make acretive acquisitions, especially of hard hit companies." --Written by Maria Woehr in New York. To contact the writer of this article, click here: Maria Woehr. To follow the writer on Twitter, go to http://twitter.com/newsgirlmw. To submit a news tip, send an email to: firstname.lastname@example.org.