Liberty Mutual Insurance announced it has completed the acquisition of three European subsidiaries of AmTrust Financial Services: Nationale Borg, Nationale Borg Reinsurance, and AmTrust Insurance Spain.
“Completing the acquisition of Nationale Borg, Nationale Borg Reinsurance, and AmTrust Insurance Spain further strengthens our strong global surety and reinsurance expertise, market leadership and geographic scope,” notes Tim Mikolajewski, president, Global Surety, Global Risk Solutions, Liberty Mutual.
“Acquiring these businesses supports our goal of becoming a top-three global commercial and specialty lines re/insurer by providing a platform for broader global expansion through increased market share, compatible portfolio additions, and key international talent,” he added.
On April 15, 2019, Liberty Mutual announced a definitive agreement to acquire the global surety and credit reinsurance operations of AmTrust. Terms of the deal were not disclosed. On May 31, 2019, Liberty announced the closing of its acquisition of AmTrust Surety, the U.S. surety operations of AmTrust Financial Services, Inc.
Liberty Mutual purchased specialty insurer Ironshore Inc. in May 2017 from China’s Fosun International Ltd. for approximately $3 billion.
Skadden, Arps, Slate, Meagher & Flom LLP provided legal advice to Liberty Mutual Insurance in the deal to buy AmTrust’s European businesses.
Source: Liberty Mutual Insurance
*This story ran previously in our sister publication Insurance Journal.