This strategic move marks a notable development for both entities and the insurance landscape.
The transaction, while still pending regulatory approval, is anticipated to conclude early in the forthcoming year, ushering in a new era for both organisations. While specific financial details of the deal remain undisclosed, it represents a pivotal step in Liberty Mutual Surety’s expansion strategy.
House of Guarantees, a reputable Norwegian guarantee provider, has been issuing guarantees for Liberty Mutual Surety since 2018. Under the terms of this agreement, Liberty Mutual Surety will not only retain HOGS’ extensive portfolio, comprising approximately 450 valued customers but will also welcome HOGS’ dedicated workforce into the Liberty Mutual family once the deal is finalised.
This acquisition not only bolsters Liberty Mutual Surety’s presence in the vital markets of Norway and Sweden but also brings onboard top industry talent. This team, with a track record of delivering profitable growth, positions Liberty Mutual Surety for continued expansion in the European insurance sector.
As the insurance landscape continues to evolve, this strategic move underscores Liberty Mutual Surety’s commitment to growth, innovation, and providing exceptional service to its clients in the European market.
LMS President, Tim Mikolajewski, said: “Acquiring HOGS underscores our commitment to the European guarantee market. It simplifies our relationships with customers and allows us to write business more seamlessly.”