Category: Blog

Mechanic’s liens provide security for nonpayment to subcontractors and suppliers on private projects. Because mechanic’s liens are not valid against property that is owned by the state or a municipality, the Little Miller Act (C.G.S §49-41 et seq.) was implemented to provide subcontractors and suppliers working on public works...

Unforeseen issues drove the cost to overhaul Encanto Elementary 30 percent over budget. The project’s contractor was facing financial problems at the same time of the cost increases; but the district is adamant that there’s no link between the company’s issues and the cost overruns. Encanto Elementary needed a...

US-based Markel Corporation has entered into a definitive agreement to acquire State National Companies, a specialty provider of property/casualty insurance operating in two niche markets – programmes services and lender services, for approximately $919 million. Under the agreement, which has been approved by both companies’ board of directors, Markel...

BOSTON–(BUSINESS WIRE)–General Indemnity Group, LLC, (“GIG”), a subsidiary of Boston Omaha Corporation (NASDAQ: BOMN) announced today that it acquired Surety Support Services, Inc., of Overland Park, Kansas. Tracing its origins back almost 40 years, Surety Support Services (“SSS”) provides surety-only services to contractors, insurance agents, brokers, and all types...

Trisura Group Ltd., a surety and commercial specialty insurer that was spun off this year from Toronto-based Brookfield Asset Management Inc., plans to begin writing insurance in the United States. In a July 12 press release, Trisura said it “has received its Certificate of Authority from the Oklahoma Insurance...

Chicago, IL – July 13, 2017 – The Warranty Group, a leading global provider of warranty solutions and underwriting services, is pleased to announce the promotion of Justin Thomas to Executive Vice President of the newly established Specialty Solutions group. In this capacity, Thomas is responsible for the overall...

A newly-formed commercial insurance fronting provider, Clear Blue Financial Holdings LLC, said it has officially launched with two fully-licensed fronting carriers and will begin servicing clients immediately. To launch its fronting operation, Puerto Rico-based Clear Blue Financial Holdings last month acquired two specialty insurance companies as shells. It acquired...

i2B Capital has closed an $8 million structured term loan to National Surety Underwriters (NSU) to fund the capitalization of a new reinsurance subsidiary and the merger of McCabe and Independent Corporate Underwriters. NSU – a special-purpose surety reinsurance captive and underwriting agency headquartered in Philadelphia – is the...

56% of global insurers surveyed by PwC believe up to 20% of their revenue is at risk to InsurTech. A further 20% believe up to 40% of revenue is at risk and 10% believe greater than 40% Over half (58%) of insurers plan to invest in mobile technology in...

Allied World Specialty Ins. Co. v. Abat Lerew Constr., 2017 U.S. Dist. LEXIS 61794 (D. Neb. Apr. 24, 2017) Abat Lerew Construction (“ALC”) entered into multiple construction projects which required it to obtain surety bonds guaranteeing its performance. ALC obtained the bonds from Allied World Specialty Insurance Company (“Allied”)...