Liberty Mutual acquires Brazilian surety provider Austral Seguradora

By Navneeta Nandan Oct 15 (The Insurer) — Liberty Mutual Insurance has agreed to acquire Brazilian surety provider Austral Seguradora, the insurer said on Wednesday. Financial terms of the deal, which is subject to regulatory approval, were not disclosed. Under the agreement, Liberty Mutual will retain Austral's portfolio without business or broker disruption. Upon completion of the transaction, Austral's approximately 100 employees will join Liberty Mutual, which said it will become "one of the largest surety providers in Brazil". Austral is a member of the Austral Holding Group and has served the Brazilian market since 2010. The deal includes Austral's surety, financial lines and casualty business. Nate Zangerle, president for global surety at Liberty Mutual, said: "Austral brings an experienced local team with top industry talent, strong broker and agent relationships, and technology-enabled underwriting and servicing capabilities."