Liberty General Insurance has launched its Surety business in India to align with rising demand in the construction and infrastructure financing sectors.
In a press release on Friday, 15 November, the non-life insurer stated that its Surety portfolio comprises Bid Bonds, Performance Bonds, Advance Payment Bonds, Retention Bonds, Warranty Bonds, and Ship-building Refund Guarantees.
Commenting at a launch event, Parag Ved, Chief Executive Officer and Whole-Time Director at Liberty General Insurance, said: “India is entering a transformative phase of infrastructure expansion, and Surety Insurance has the potential to unlock capacity, ease cash flows, and enable contractors of all sizes to grow.”
Meanwhile, Gisha George, Liberty General’s President of Product and Underwriting, highlighted that this Suerty proposition combines Liberty’s experience and India’s current market conditions. “Our focus is on responsible growth, market education, and building trust with all stakeholders, including contractors, brokers, and government entities,” George said.
This move comes as India continues to increase its infrastructure spending. According to Liberty, Surety will play a critical role in diversifying guarantee mechanisms, reducing capital lock-ups, and enhancing project governance.
In early November, Peak Re noted recent growth in the credit and surety segment, stating the opportunity to diversify their portfolio into non-property lines, mainly to reduce volatility and limit exposure to nat cat risk.
