Liberty Mutual Insurance has reached an agreement with Junto Holding Latam and Cardinal Seguro to acquire JMalucelli Travelers Seguros (JMTRV), a national surety provider based in Bogotá, Colombia. The agreement is subject to regulatory approval. The terms of the transaction were not disclosed.
Posse Herrera Ruiz, with a team led by partner Óscar Tutasaura, advised the sellers. The buyer, meanwhile, was advised by Philippi Prietocarrizosa Ferrero DU & Uría, whose lead partner was Felipe Cuberos.
JMTRV has served the Colombian surety market since 2012. With over 50 employees and approximately $13 million in gross premiums written, more than 90% of the company's business consists of surety contracts, commercial surety, and judicial surety. Under the agreement, Liberty Mutual Surety (LMS) will retain JMTRV's portfolio without business or broker disruption, and its employees will join Liberty Mutual upon closing. Once the transaction is completed, LMS will be among the top 10 surety providers in Colombia.
Boston-based Liberty Mutual Insurance is the world's eighth-largest property and casualty insurer. It ranks 87th on the Fortune 100 list of the largest U.S. corporations, based on 2023 revenue. It operates in 29 countries and offers a broad range of insurance products and services, including personal auto, homeowners, specialty lines, reinsurance, commercial multi-risk, workers' compensation, commercial auto, general liability, surety bonds, and commercial property.
Legal Advisors
Advisors of Junto Holding Latam and Cardinal Insurance:
- Posse Herrera Ruiz: Partner Óscar Tutasaura. Associates Nicolás Gómez Ospina and Camila Pérez.
Asesores de Liberty Mutual Insurance:
- Philippi Prietocarrizosa Ferrero DU & Uría: Partner Felipe Cuberos. Associates David Antonio Beltrán and Cristian Camilo Aranzazu.
