Liberty Mutual Insurance Announces Agreement To Acquire The Domestic And International Surety And Credit Reinsurance Operations Of AmTrust
Upon closing, Liberty Mutual will acquire four AmTrust businesses:
- AmTrust Surety, previously managed by Insco Dico, which provides contract, commercial, and subdivision bonds primarily in the Western U.S.
- AmTrust Insurance Spain which offers surety bonds in
Spain and Latin America. - Nationale Borg which provides surety, worker disability, and home purchase bonds in
the Netherlands and Belgium. - Nationale Borg Reinsurance (NBRe), a global provider of surety, trade credit and political risk reinsurance.
The AmTrust Surety portion of the acquisition is expected to close in Q2 of 2019, and the AmTrust Insurance Spain, Nationale Borg, and NBRe portion is expected to close in the second half of 2019, subject to regulatory approvals and customary closing conditions. Terms of the deal were not disclosed.
"The transaction will further enhance our strong global surety and reinsurance expertise, market leadership, and geographic footprint," notes Dennis Langwell, President,
The agreement reinforces Liberty Mutual's global surety market position. "We believe this transaction will strengthen our best-in-class operation, allowing us to better serve our valued agents, brokers, and customers," notes Tim Mikolajewski, President, Global Surety. "The added scale and key talent aligns well with our model and goals in the
The agreement is an important step in the AmTrust Forward strategic plan to position the company for long-term success. "Earlier this year, we announced our plan to become a leading specialty commercial P&C insurer by focusing on local markets and niche products where we can add significant value," said Barry Zyskind, Chairman and CEO of AmTrust. "The agreement with Liberty Mutual enables us to focus our resources in areas where we can differentiate ourselves through the value we bring to distribution partners and buyers."
Bank of America Merrill Lynch served as financial advisor to AmTrust in connection with the transaction, and
About Liberty Mutual Insurance
Liberty Mutual's purpose is to help people embrace today and confidently pursue tomorrow. The promise we make to our customers throughout the world is to provide protection for the unexpected, delivered with care.
In business since 1912, and headquartered in Boston, Massachusetts, today we are the fifth largest global property and casualty insurer based on 2017 gross written premium. We also rank 68th on the Fortune 100 list of largest corporations in the
We employ nearly 50,000 people in 30 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
You can learn more about us by visiting www.libertymutualinsurance.com.
About AmTrust Financial Services, Inc.
AmTrust Financial Services, Inc., a multinational insurance holding company headquartered in
AmTrust is included in the Fortune 500 list of largest companies. For more information about AmTrust visit www.amtrustfinancial.com.
Contact:
(office) 671-574-6638
(cell) 617-833-0926
Richard.angevine@libertymutual.com
646-870-1949
hunter.hoffmann@amtrustgroup.com
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