Liberty Mutual joins surety bond guarantee program

Liberty Mutual joins surety bond guarantee program | Insurance Business

Liberty Mutual joins surety bond guarantee program

Liberty Mutual Surety has been approved by the US Small Business Administration (SBA) to participate in the Surety Bond Guarantee (SBG) Preferred Program.

The company joins through its two entities: Liberty Mutual Insurance Company and The Ohio Casualty Insurance Company.

A release said that the SBG program offers surety bond guarantees to small businesses that may fall short of the requirements 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,” said Liberty Mutual Surety SBA program manager Ryan Knowle.

Knowle explained that by joining the SBG program, Liberty Mutual can give those smaller contractors their first bonds, establish relationships with them, and ultimately grow businesses together.

The inclusion of Liberty Mutual in the SBA’s SBG program also allows the company’s appointed agents to work with customers they had not been previously able to offer bonds to.

Read more: Liberty Mutual closes deal to acquire US surety business of AmTrust

The news comes just two months after Liberty Mutual acquired the surety operation of AmTrust Financial in the US.