Liberty Mutual Insurance’s Acquisition of AmTrust Financial Services Domestic and International Surety and Credit Reinsurance Operations

Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Liberty Mutual Insurance in the transaction. Bank of America Merrill Lynch served as financial advisor to AmTrust in connection with the transaction, and Debevoise & Plimpton LLP was legal counsel.

Liberty Mutual Insurance has signed a definitive agreement to acquire the global surety and credit reinsurance operations of AmTrust Financial Services, Inc. (AmTrust), a multinational property and casualty insurer specializing in coverage for small to midsized businesses.

The AmTrust Surety portion of the acquisition is expected to close in Q2 of 2019, and the AmTrust Insurance Spain, Nationale Borg, and NBRe portion is expected to close in the second half of 2019, subject to regulatory approvals and customary closing conditions. Terms of the deal were not disclosed.

In business since 1912, and headquartered in Boston,?Massachusetts, Liberty Mutual the fifth largest global property and casualty insurer based on 2017 gross written premium.

AmTrust Financial Services, a multinational insurance holding company headquartered in New York, offers specialty property and casualty insurance products, including workers’ compensation, commercial automobile, general liability and extended service and warranty coverage through its primary insurance subsidiaries.

The Debevoise team is led by partner Uri Herzberg (Picture) and includes partners Rafael Kariyev, Henry Lebowitz, Elizabeth Pagel Serebransky and Richard Ward; counsel Michael D. Devins; international counsel Benjamin Lyon; international consultant Clare Swirski; and associates Nicholas Bessette, Sarah Hale, Christopher Garrett, Zain A. Kazmi, Samuel Krawiecz, Angela W. Lee, Daniel Priest, Khrystyna Rayko and Molly F. Stockley.

Involved fees earner: Nicholas M. Bessette – Debevoise & Plimpton; Michael Devins – Debevoise & Plimpton; Christopher Garrett – Debevoise & Plimpton; Sarah Hale – Debevoise & Plimpton; Uri Herzberg – Debevoise & Plimpton; Rafael Kariyev – Debevoise & Plimpton; Zain Kazmi – Debevoise & Plimpton; Samuel Krawiecz – Debevoise & Plimpton; Henry Lebowitz – Debevoise & Plimpton; Benjamin Lyon – Debevoise & Plimpton; Elizabeth Pagel Serebransky – Debevoise & Plimpton; Daniel Priest – Debevoise & Plimpton; Khrystyna Rayko – Debevoise & Plimpton; Molly Stockley – Debevoise & Plimpton; Clare Swirski – Debevoise & Plimpton; Richard Ward – Debevoise & Plimpton;

Law Firms: Debevoise & Plimpton;

Clients: AmTrust Financial Services, Inc.;

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Author: Ambrogio Visconti