Zurich North America has completed the sale of its Mountbatten Surety Co. Inc. operation to Sealord, LLC, an investment group that includes members of Mountbatten’s senior management team.
The sale will not affect Zurich’s surety business, Zurich North America Surety president Bill Cheatham said in a statement. Zurich N.A. is based in Schaumburg, Ill.
All business written by Sealord after the sale date will be underwritten and managed independently of Zurich. All bonds written in Mountbatten prior to the sale will be managed by Zurich Surety. Zurich has established a special toll free number for customer and distributor calls regarding existing surety bonds, including claims questions. That number is 1-800-213-9110.
Mountbatten, which will become First Sealord Surety, Inc., is headquartered in Philadelphia, Penn., and employs about 45 people. The focus of the company’s business is on the “small” surety market, principally in bonds for construction projects. This transaction follows an extensive company-wide review of operations by Zurich North America. This sale underscores Zurich’s commitment to focus on core markets and insurance-based products.
Topics Mergers & Acquisitions
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