Liberty Mutual has $481mn of surety bond exposure to Katerra bankruptcy
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Liberty Mutual has $481mn of surety bond exposure to Katerra bankruptcy

Bernard Goyder
July 09, 2021
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Liberty Kattera.jpg

The quiet world of surety has been shaken in recent weeks by the bankruptcy of Katerra, a construction business that burnt through $2bn of investor cash, leaving projects uncompleted across the US.

The ultimate size of the loss could take years to emerge with surety bonds and could fall well short of the exposure numbers, as the insurers are able to subrogate to recover some of their losses.

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Topics

Major lossesPol risk, credit & suretyLiberty MutualIntact FinancialCommercial LinesNews
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Bernard Goyder
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