Zurich Sells Mountbatten Surety Unit
NU Online News Service, April 7, 4:22 p.m. EST?Zurich North America said today it has completed the sale of its Mountbatten Surety Company Inc. to Sealord, LLC., an investment group.
Mountbatten Surety focuses on the "small" surety market, principally in bonds for construction projects, Zurich stated. The insurer noted the transaction underscores its commitment to concentrate on core markets and insurance-based products.
Zurich also stated that all business written by Sealord after the sale date will be underwritten and managed independently of the insurer, while all bonds written in Mountbatten before the deal was completed will be managed by Zurich North America Surety (ZNAS).
The sold-off unit, which is headquartered in Philadelphia and employs some 45 people, will also take on a new name--it will now become First Sealord Surety Inc.
"The sale of Mountbatten will not affect Zurich's traditional surety business, which will continue to be managed through Zurich North America Surety," said Bill Cheatham, president of ZNAS. "As a leader in surety, we remain committed to meeting the needs of our many customers and distributors."
To respond to customer and distributor calls regarding existing surety bonds, including claims questions, Zurich has established a toll free number at 1-800-213-9110.
Zurich North America, based in Schaumburg, Ill., is part of Zurich Financial Services in Zurich, Switzerland
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