Zurich Sells Mountbatten Surety Unit

NU Online News Service, April 7, 4:22 p.m.EST?Zurich North America said today it has completed thesale of its Mountbatten Surety Company Inc. to Sealord, LLC., aninvestment group.

Mountbatten Surety focuses on the "small" surety market,principally in bonds for construction projects, Zurich stated. Theinsurer noted the transaction underscores its commitment toconcentrate on core markets and insurance-based products.

Zurich also stated that all business written by Sealord afterthe sale date will be underwritten and managed independently of theinsurer, while all bonds written in Mountbatten before the deal wascompleted will be managed by Zurich North America Surety(ZNAS).

The sold-off unit, which is headquartered in Philadelphia andemploys some 45 people, will also take on a new name--it will nowbecome First Sealord Surety Inc.

"The sale of Mountbatten will not affect Zurich's traditionalsurety business, which will continue to be managed through ZurichNorth America Surety," said Bill Cheatham, president of ZNAS. "As aleader in surety, we remain committed to meeting the needs of ourmany customers and distributors."

To respond to customer and distributor calls regarding existingsurety bonds, including claims questions, Zurich has established atoll free number at 1-800-213-9110.

Zurich North America, based in Schaumburg, Ill., is part ofZurich Financial Services in Zurich, Switzerland