Liberty Mutual Insurance has entered Mexico's $600 million surety market with the acquisition of Primero Fianzas from a private investor group. Liberty Mutual states the company, which is headquartered in Mexico City, ranks first in the country's credit surety segment.
"Primero [Fianzas] has strong market presence and a record of profitable growth," says Chris Peirce, President of Liberty Mutual Global Specialty. "Its excellent agent and customer relationships complement Liberty Mutual Surety's significant underwriting capacity and global expertise, and further solidify our leading North American surety presence."
Primero Fianzas wrote over $33 million in gross written premiums in 2012, primarily in the administrative and credit bond segments. It is the fourth-largest surety writer in Mexico based on 2012 market share, and writes business in all Mexican states.
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