Liberty Mutual Insurance said it will acquire Mexican surety company Primero Fianzas from Grupo Valores Operativos Monterrey, a private investor group.
The company said the acquisition will enable Liberty Mutual Surety, a business unit of Liberty Mutual’s Global Specialty strategic business unit, to expand its extensive international presence by entering Mexico’s $600 million surety market.
Financial terms were not disclosed. The acquisition is subject to Mexican regulatory approval.
Headquartered in Mexico City, Primero Fianzas wrote more than $33 million (USD) in gross written premium in 2012 primarily in the administrative and credit bond segments. It operates through 11 offices writing surety business in all Mexican states. The company is the fourth largest surety writer in Mexico based on 2012 market share and ranks #1 in the Mexican credit surety segment.
“We believe Primero Fianzas provides an attractive platform for investing in and expanding our global surety and insurance capabilities in the growing Mexican market,” said Chris Peirce, president of Liberty Mutual Global Specialty.
This acquisition in Mexico adds to Liberty Mutual Insurance’s current international presence in 28 countries across Latin America, Europe, and Asia through its Global Specialty and International business units. Liberty Mutual says it is the largest property/casualty insurer in Venezuela, second largest property/casualty company in Colombia, and among the top 10 property/casualty companies in Brazil and Chile.
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