Liberty Mutual Surety, a business unit of US primary insurer Liberty Mutual, has appointed Douglas Schrift to develop the firm’s Subcontractor Default Insurance (SDI) offering as Chief Underwriting Officer.
Schrift joins from Aon’s Construction Services Group SDI practice, where he served as Managing Director.
Prior to that, he served as Vice President and Director of Risk Finance for Lend Lease Americas, the legacy operation of Bovis Lend Lease.
Schrift will report to Fran McGrath, Chief Credit Officer, Contract Surety, Liberty Mutual Surety.
He will be tasked with helping SDI better meet the full risk management needs of mid to large-sized contractors.
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.
Liberty Mutual’s SDI product is expected to be available in the fall of 2019.
“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.”
