Schrift Appointed to Develop, Launch and Grow Liberty Mutual’s Subcontractor Default Insurance Offering
To help better meet the full risk management needs of mid to large-sized contractors, Liberty Mutual Surety has appointed Douglas Schrift and charged him with developing the company’s Subcontractor Default Insurance (SDI) offering.
SDI is a two-party catastrophic insurance coverage that protects general contractors from losses due to a subcontractor’s failure to perform during the course of a project. It is a roughly $650 million market that is rapidly growing in today’s challenging construction market.
Schrift will report to Fran McGrath, Chief Credit Officer, Contract Surety, Liberty Mutual Surety.
“The booming construction market, a shortage of skilled labor, and competitive margins are causing large contractors to seek ways to protect their multi-year projects against subcontractor default,” said McGrath. “By offering the product, Liberty Mutual is better able to meet the full risk management needs of contractors, from surety and SDI to primary, excess and specialty coverages. Douglas’ experience and strong relationships with large contractors made him the ideal candidate to lead our SDI operation.”
Prior to joining Liberty Mutual, Schrift was Managing Director for Aon’s Construction Services Group SDI practice. Before that, he was Vice President and Director of Risk Finance for Lend Lease Americas, the legacy operation of Bovis Lend Lease.
Liberty Mutual’s SDI product will be available in the fall of 2019.
About Liberty Mutual Surety
Liberty Mutual Surety, a business unit of Liberty Mutual Insurance, is the 2nd largest surety in the U.S. and a leading surety globally. With locations in more than 15 countries, Liberty Mutual Surety has the capacity, capabilities, and professionals to underwrite all types and sizes of contractors and corporations. Visit www.libertymutualsurety.com for more information.
About Liberty Mutual Insurance
Liberty Mutual’s purpose is to help people embrace today and confidently pursue tomorrow. The promise we make to our customers throughout the world is to provide protection for the unexpected, delivered with care.
In business since 1912, and headquartered in Boston, Mass., today we are the fifth largest global property and casualty insurer based on 2018 gross written premium. We also rank 75th on the Fortune 100 list of largest corporations in the U.S. based on 2018 revenue. As of December 31, 2018, we had $41.6 billion in annual consolidated revenue.
We employ nearly 50,000 people in 30 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
You can learn more about us by visiting www.libertymutualinsurance.com.
Liberty Mutual Insurance