Liberty Mutual Insurance has wrapped up the previously announced acquisition of global surety and credit reinsurance operations of AmTrust Financial Services in the US.
The deal, which was originally signed in April this year, concluded after satisfaction of customary closing conditions.
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The acquisition of AmTrust Insurance Spain, Nationale Borg, and Nationale Borg Reinsurance is scheduled to be completed in the second half of this year.
Liberty Mutual president of global surety Tim Mikolajewski said: “Completing the acquisition of the US operations of AmTrust Surety enhances our strong US surety expertise and market leadership, and allows us to better serve our valued US distribution partners and customers.
“When the full scope of the acquisition is complete later this year, it will provide us with an expanded geographic footprint and further strengthen our best-in-class operation.”
Skadden, Arps, Slate, Meagher & Flom acted as legal advisor to Liberty Mutual Insurance in the transaction.
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By GlobalDataBank of America Merrill Lynch served as financial advisor to AmTrust for the transaction, while Debevoise & Plimpton was legal counsel.
Liberty Mutual has a workforce of approximately 50,000 people in 30 countries and economies across the globe.
The company provides a range of insurance products and services, such as personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, among others.
