Liberty Mutual to Acquire AmTrust’s Surety, Credit Re
Liberty Mutual has signed a definitive agreement to acquire the global surety and credit reinsurance operations of AmTrust Financial Services.
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. Once the transaction closes, we’ll integrate the acquired operations into our current structure.” – Dennis Langwell, President, Global Risk Solutions, Liberty Mutual.
“We believe this transaction will strengthen our best-in-class operation, allowing us to better serve our valued agents, brokers, and customers. The added scale and key talent aligns well with our model and goals in the U.S., and will provide a platform for broader global development through AmTrust Insurance Spain, Nationale Borg, and Nationale Borg Reinsurance.” – Tim Mikolajewski, President, Global Surety.
“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. 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.” – Chairman and CEO of AmTrust, Barry Zyskind.
