BOSTON, Aug. 6, 2019 /PRNewswire/ -- Liberty Mutual Surety, the second largest surety in the U.S. and a leading writer globally, has been approved by the U.S. Small Business Administration to participate in the Surety Bond Guarantee (SBG) Preferred Program through two entities: Liberty Mutual Insurance Company and The Ohio Casualty Insurance Company.
The SBG Preferred Program provides surety bond guarantees to small businesses that may not meet the criteria of other surety providers.
"There are a lot of contractors just starting out in the business that have difficulty obtaining surety bonds because they are too new or too small or lack a sufficient track record," states Ryan Knowle, SBA Program Manager, Liberty Mutual Surety. "By being part of the SBG Preferred Program, we can give these contractors their first bonds, establish long-lasting relationships with them, and ultimately grow our businesses together."
Joining the Small Business Administration's Preferred Surety Bond Guarantee Program also opens more doors for Liberty Mutual Surety appointed agents, as they can now work with customers they hadn't been able to provide bonds to previously.
The SBG capability is a component of Liberty Mutual Surety's broader commitment and expansion in the small to mid-sized contract surety market, following the acquisition of AmTrust Financial's U.S. surety operation.
About Liberty Mutual Surety
Liberty Mutual Surety, a business unit of Liberty Mutual Insurance, is the second largest surety in the U.S. and a leading surety globally. With locations in more than 15 countries, Liberty Mutual Surety has the capacity, capabilities, and professionals to underwrite all types and sizes of contractors and corporations. Visit www.libertymutualsurety.com for more information.
About Liberty Mutual Insurance
Liberty Mutual's purpose is to help people embrace today and confidently pursue tomorrow. The promise we make to our customers throughout the world is to provide protection for the unexpected, delivered with care.
In business since 1912, and headquartered in Boston, Mass., today we are the fifth largest global property and casualty insurer based on 2018 gross written premium. We also rank 75th on the Fortune 100 list of largest corporations in the U.S. based on 2018 revenue. As of December 31, 2018, we had $41.6 billion in annual consolidated revenue.
We employ nearly 50,000 people in 30 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.