Liberty Mutual expands global surety operation
Liberty Mutual Surety announced an agreement to acquire the House of Guarantees, a managing general agent headquartered in Olso, Norway. The deal is subject to the approval of regulators and is expected to close early next year. Additional terms of the transaction were not disclosed.
HOGS, a Norwegian guarantee provider, has issued guarantees for LMS since 2018.
Under the agreement, LMS retains HOGS’ portfolio of approximately 450 customers and its employees join Liberty Mutual when the deal closes.
The acquisition gives LMS a stronger presence in Norway and Sweden, and top industry talent with a proven record of profitable growth, beyond positioning LMS for continued European growth.
“Acquiring HOGS underscores our commitment to the European guarantee market. It simplifies our relationships with customers and allows us to write business more seamlessly.” – LMS President Tim Mikolajewski.