Liberty Mutual Insurance, a P&C insurer, has acquired Primero Fianzas, a Mexican surety company from Grupo Valores Operativos Monterrey, which is a private investor group. The acquisition enables Liberty Mutual Surety, a business unit of Liberty Mutual’s Global Specialty business unit, to expand its international presence by entering Mexico. The parties have not disclosed the financial terms of the agreement, and the acquisition is subject to Mexican regulatory approval.
The company is the fourth-largest surety writer in Mexico, based on 2012 market share and ranks No. 1 in the Mexican credit surety segment.
Liberty Mutual says Primero Fianzas wrote more than $33 million in gross written premium in 2012, primarily in the administrative and credit bond segments, and operates through 11 offices writing surety business in all Mexican states.
This acquisition in Mexico adds to Liberty Mutual's current international presence in 28 countries spread across Latin America, Europe and Asia.
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