Liberty Mutual Insurance said it has an agreement to acquire Austral Seguradora, a top-five Brazilian surety provider headquartered in Rio de Janeiro.
Upon completion of the transaction, Liberty Mutual said it will be one of the largest surety providers in Brazil.
Terms of the transaction were not disclosed.
Austral, a member of the Austral Holding Group, has served the Brazilian market since 2010. The acquisition includes Austral’s surety, financial lines, and casualty business.
Under the agreement, Boston-based Liberty Mutual will retain Austral’s portfolio without business or broker disruption, and its 100 or so employees will join Liberty when the deal closes.
“Brazil is one of the most important insurance markets in Latin America, and this acquisition reflects Liberty’s long-term commitment to the region,” said Manuel Moreno, Liberty Mutual president and chief underwriting officer, LatAm & US, Liberty Specialty Markets. “Bringing together Austral’s market expertise with Liberty’s global strength positions us to grow, deepen our relationships with brokers and clients, and deliver even greater value across Brazil and the wider region.”
Topics Mergers & Acquisitions
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