Bond-Pro | Surety Technology

White Mountains Closes $2.6B Sale of Sirius to China Minsheng Investment

White Mountains Insurance Group Ltd. completed its $2.6 billion sale of Sirius International Insurance Group to a division of China Minsheng Investment Corp. Ltd., nine months after the deal was first announced.Out of that total, White Mountains used $160 million to buy out some Sirius assets it plans to...

April 19, 2017 Bond-Pro Webmaster Uncategorized.

Issues plaguing the surety-bond industry

There are two main issues, involving the general public, hounding the surety-bond industry. First is the proliferation of fake bonds. Second is the presence of delinquent bonding companies. With respect to fake bonds, it is usually government offices that fall victim to this nefarious activity. A number of administrative...

April 17, 2017 Bond-Pro Webmaster Blog, News, Repost.

Surety bonds: an alternative form of pension funding

Historically, it could be said that corporate pension scheme funding represented a topic which had long occupied a lowly position on the agendas of many employers. However, with regulation tightening and market conditions negatively impacting on un-hedged schemes – coupled with increased media attention – employers’ obligations are coming...

April 11, 2017 Bond-Pro Webmaster Blog, Repost.

More States Are Adopting Electronic Surety Bonds

Many professionals in the financial and real estate industries undergo their licensing procedure via the National Multistate Licensing System and Registry (NMLS). The NMLS handles the licensing data of numerous types of specialists such as mortgage brokers, originators and lenders, money transmitters, and collection agencies, among others. While the...

April 5, 2017 Bond-Pro Webmaster Blog, News, Repost.

SOMPO Holdings Completes Acquisition of Endurance Specialty Holdings

Launches Sompo International, to be its first fully integrated global commercial insurance and reinsurance platform TOKYO and HAMILTON, Bermuda, March 28, 2017 (GLOBE NEWSWIRE) — Further to the announcement made on 5 October 2016, SOMPO Holdings, Inc. (“SOMPO”) is pleased to announce that following approval of the applicable regulatory...

March 28, 2017 Bond-Pro Webmaster Blog, Clients, M&A, News, Repost.

Supreme Court of Canada to hear appeal from subcontractor arguing trustee must notify potential claimants of existence of surety bond

The Supreme Court of Canada announced Thursday it will hear an appeal from a subcontractor on an oilsands project who is trying to sue a general contractor for failing to inform it of the existence of a surety bond. Court records indicate that Langford Electric Ltd. was a subcontractor...

March 16, 2017 Bond-Pro Webmaster Blog, Claims, Repost.

Markel International to Start Writing Surety Business

According to Markel International, brokers have been asking for it – and now they’re going to get it. The company followed up on its announcement that it will enter the surety market last month by declaring earlier today that it is starting to write surety business after making two...

March 10, 2017 Bond-Pro Webmaster Blog, News, Repost.

City says contractor submitted forged bond paperwork for Brownsville construction project

Workers who built the Southmost Hike and Bike Trail in Brownsville claim they haven’t been paid. Jorge Contla said he worked on the hike and bike trail project as a subcontractor for ARRCO General Construction Group. The city of Brownsville, though, provided documents to CBS 4 News showing Contla...

March 3, 2017 Bond-Pro Webmaster Blog, Claims, Repost.

Aviva asks 16,000 staff if their jobs can be done by robots

The feared robot takeover of insurance jobs may soon press ahead – UK industry giant Aviva, which sold its Aviva USA operations in 2013, is planning to consult its 16,000 employees on possible automation of roles, The Sunday Times reports. According to the report, Aviva will ask its workers...

February 28, 2017 Bond-Pro Webmaster Blog, Clients, News, Repost.

How to Calculate Work-In-Process

Work-in-process, or WIP, is an account on the balance sheet where all the costs referring to a product or asset in production are recorded. It covers costs related to direct labor, direct materials, and MOH (applied manufacturing overhead). The “WIP” account is debited (increased) by direct materials used in...

February 21, 2017 Bond-Pro Webmaster Blog, News, Repost.