Federated Insurance Acquires Granite Re; Boosts Surety Offering

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Business insurance provider Federated Mutual Insurance Company has reached an agreement to acquire Granite Re, an Oklahoma-based provider of surety bonds for small to medium-sized contractors.

According to Federated Insurance, the acquisition better positions Federated Insurance to partner with commercial contractors for their surety and bonding needs.

Jeff Fetters, chairman, president…

Surety Not Bound by Subcontract’s Arbitration Provision, D.C. Federal Judge Rules

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WASHINGTON, D.C. — A surety company is not bound by an arbitration provision in a subcontract because the provision clearly only encompassed claims between the engineering company and its subcontractor, a District of Columbia federal judge has ruled.

In applying a heightened standard of “clear and unmistakable evidence,” Judge Tanya…

The Surety Bond Market Is Growing In China

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In the past six months the surety bond market has developed significantly for insurers in China, said Richard Chu, specialty lines, financial risks, Asia-Pacific, PartnerRe.

“It’s a new product in China mainly for construction sector,” he said. “Previously most of the construction companies had to go to banks for surety…

Former ITT Tech Employee Lawsuits

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ITT Technical Institute suddenly shut down all of its campuses and online courses on September 6, 2016. By doing so, it puts approximately 8,000 employees out of work without warning. Those employees are fighting back. Former ITT Tech employee lawsuits have been filed in Delaware and Indiana. At least…

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