Liberty Mutual agrees to buy Colombia-based surety provider

Liberty Mutual Insurance Co. said Thursday it has agreed to acquire Bogota, Colombia-based surety provider JMalucelli Travelers Seguros.

Terms of the transaction were not disclosed. The deal is subject to regulatory approval, Liberty Mutual said in a statement.

JMalucelli has more than 50 employees, who will join Liberty Mutual when the deal closes, and the business will become part of Liberty Mutual Surety, the statement said.

JMalucelli has approximately $13 million in annual gross written premium, and more than 90% of its business is comprised of surety contract, commercial, and judicial bonds.