Liberty Mutual Insurance has wrapped up the takeover of the business and operations of Nationale Borg, Nationale Borg Reinsurance, and AmTrust Insurance Spain.
The transaction completed after the American insurer satisfied customary closing conditions.
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In April this year, Liberty Mutual inked an agreement to purchase the global surety and credit reinsurance operations of AmTrust.
In the last week of May, Liberty wrapped up the acquisition of AmTrust Surety, the US surety operations of AmTrust Financial Services.
Liberty Mutual president of global surety and global risk solutions Tim Mikolajewski said: “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.
“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.”
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By GlobalDataSkadden, Arps, Slate, Meagher & Flom served as legal advisor to Liberty Mutual Insurance during the transaction.
Bank of America Merrill Lynch acted as financial advisor to AmTrust on the transaction, while Debevoise & Plimpton was legal counsel.
Liberty Mutual has a team of 50,000 people in 30 countries. It offers a number of primary, excess, specialty and reinsurance products in the US and worldwide.
