The Deal Positions Liberty Mutual Surety for Continued Growth in Latin America
BOSTON (June 13, 2024) – Liberty Mutual Insurance today announced an agreement to acquire JMalucelli Travelers Seguros S.A. (JMTRV), a domestic surety provider based in Bogota, Colombia. The deal is subject to regulatory approval. Terms of the transaction were not disclosed.
JMTRV has served the Colombian surety market since 2012. With more than 50 employees and approximately $13M in gross written premium, more than 90% of the company’s business is comprised of surety contract, commercial, and judicial bonds. Under the agreement, Liberty Mutual Surety (LMS) will retain JMTRV’s portfolio without business or broker disruption, and its employees will join Liberty Mutual when the deal closes. Upon completion of the transaction, LMS will be a top 10 surety writer in Colombia.
“Acquiring JMalucelli Travelers underscores our commitment to the Latin America guarantee market,” said LMS President Tim Mikolajewski. “This positions us to better grow our business in Latin America with top industry talent that has extensive knowledge of the local market.”
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About Liberty Mutual Insurance
At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people and businesses embrace today and confidently pursue tomorrow.
In business since 1912, and headquartered in Boston, today we are the eighth largest global property and casualty insurer based on 2023 gross written premium. We also rank 87 on the Fortune 100 list of largest corporations in the US based on 2023 revenue. As of December 31, 2023, we had $49.4 billion in annual consolidated revenue.
We employ over 45,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
For more information, visit www.libertymutualinsurance.com.
Contact: Liberty Mutual Insurance Public & Media Relations
mediarelations@libertymutual.com
