Liberty Mutual Surety Taps Schrift to Develop Subcontractor Default Insurance Offering

August 20, 2019

Liberty Mutual Surety has appointed Douglas Schrift and charged him with developing the company’s Subcontractor Default Insurance (SDI) offering.

SDI is a two-party catastrophic insurance coverage that protects general contractors from losses due to a subcontractor’s failure to perform during the course of a project. It is a roughly $650 million market.

In this role, Schrift will report to Fran McGrath, chief credit officer, Contract Surety, Liberty Mutual Surety.

Prior to joining Liberty Mutual, Schrift was managing director for Aon’s Construction Services Group SDI practice. Before that, he was vice president and director of Risk Finance for Lend Lease Americas, the legacy operation of Bovis Lend Lease.

Liberty Mutual’s SDI product will be available in the fall of 2019.

In business since 1912 and headquartered in Boston, Mass., Liberty Mutual Insurance is a global property and casualty insurer. Liberty Mutual Surety is a business unit of Liberty Mutual Insurance.

Source: Liberty Mutual Insurance

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