Liberty Mutual enters Mexico with acquisition of Primero Fianzas

By Chris Reidy/Globe Staff/November 13, 2013

Liberty Mutual Insurance, a Boston-based property and casualty insurer, said Wednesday that it has acquired the Mexican surety company Primero Fianzas from Grupo Valores Operativos Monterrey, a private investor group.

The acquisition enables Liberty Mutual Surety, a Liberty Mutual business, to expand its extensive international presence by entering Mexicos $600 million surety market, the company said in a press release.

Financial details of the transaction are not being disclosed, and the acquisition is subject to approval by Mexican regulators.

Primero Fianzas is the fourth largest surety writer in Mexico based on 2012 market share and ranks first in the Mexican credit surety segment, the release said.

We believe Primero Fianzas provides an attractive platform for investing in and expanding our global surety and insurance capabilities in the growing Mexican market, Chris Peirce, president of Liberty Mutual Global Specialty, said in a statement. Primero has strong market presence and a record of profitable growth. Its excellent agent and customer relationships complement Liberty Mutual Suretys significant underwriting capacity and global expertise and further solidify our leading North American surety presence.

As of Dec. 31, Liberty Mutual Insurance had $120.1 billion in consolidated assets, $101.5 billion in consolidated liabilities, and $36.9 billion in annual consolidated revenue. The company offers insurance products and services in such segments as personal automobile, home owners, workers compensation, property, commercial automobile, general liability, global specialty, group disability, reinsurance, and surety. The company employs more than 50,000 people in 900 offices around the world.

Copyright 2013 Globe Newspaper Company.

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Liberty Mutual enters Mexico with acquisition of Primero Fianzas