Bond-Pro | Surety Technology

Sompo International completes acquisition of Lexon Surety Group

Bermudian property and casualty (P/C) re/insurer Sompo International Holdings (SI) has acquired Lexon Surety Group (Lexon), the second largest independent surety insurer in the United States. Lexon is comprised of Lexon Insurance Company, Bond Safeguard Insurance Company and Fortress National Group. The acquisition is expected to positively impact the...

June 5, 2018 Bond-Pro Webmaster Blog, Clients, M&A, News, Repost.

California Supreme Court Addresses “Good Faith” Construction Disputes Under Prompt Payment Laws

It’s been a rollercoaster. But the ride appears to be over. In United Riggers & Erectors, Inc. v. Coast Iron & Steel Co., Case No. S231549 (May 14, 2018), the California Supreme Court addressed whether a direct contractor can withhold payment from a subcontractor based on the “good faith...

June 3, 2018 Bond-Pro Webmaster Blog, Legislation, Repost.

Two more lawsuits filed in Puerto Rico bankruptcy case [CNA]

SAN JUAN – Two more lawsuits have been filed in the Title III bankruptcy case against the Puerto Rico Highways & Transportation Authority (PRHTA) and the Puerto Rico Electric Power Authority (Prepa). The first was filed Wednesday by insurers Western Surety Co. and Continental Casualty Co. against the PRHTA,...

June 1, 2018 Bond-Pro Webmaster Blog, Claims, Repost.

New Maryland Law Makes General Contractors Liable for Paying Their Subcontractors’ Employees

At the tail-end of the 2018 legislative session, the Maryland General Assembly passed Senate Bill 853, making construction general contractors jointly and severally liable for the failure of their subcontractors to pay their employees in compliance with Maryland’s wage and hour laws. This new law will become effective October...

May 28, 2018 Bond-Pro Webmaster Blog, Legislation, Repost.

US agency asked to investigate miner’s reclamation bonds

BILLINGS, MONT. Federal officials are being asked to investigate whether a financially-troubled coal company has posted sufficient bonds to cover future reclamation work at its mines in the U.S. and Canada. The Western Organization of Resource Councils, a Montana-based conservation group, said Wednesday that it was concerned that a...

May 25, 2018 Bond-Pro Webmaster Blog, Legislation, Repost.

Carl Icahn files lawsuit against AmTrust, controlling family

(Reuters) – Activist investor Carl Icahn filed a lawsuit on Monday against AmTrust Financial Services Inc (AFSI.O) and the family that controls the company, accusing them of trying to take the insurer private at the wrong time and at the wrong price. The lawsuit filed in the Court of...

May 23, 2018 Bond-Pro Webmaster Blog, M&A, News, Repost.

Contractor wins motion for summary judgment [AmTrust]

ORLANDO — A Florida contractor was granted its request against a former partner, according to a May 7 opinion of the U.S. District Court in the Middle District of Florida Orlando Division. Defendant Archer Western Contractors, LLC was hired by the Florida Department of Transportation to help with the...

May 22, 2018 Bond-Pro Webmaster Blog, News, Repost.

Decade-old trouble comes to an end for Keystone Airpark [Hanover]

KEYSTONE HEIGHTS – After being awarded over $2 million in damages, the Keystone Heights Airpark can start repairing problems that started after the 2008 construction of two new hangars. About 10 years ago, in October 2008, the small airport entered into a contract with Pipeline Contractors Inc., a Starke-based...

May 20, 2018 Bond-Pro Webmaster Blog, Claims, News, Repost.

JDG Associates Seeks President for Surety & Fidelity Association of America

May 15, 2018 – Rockville, MD-based search firm JDG Associates has been selected to find the next president of the Surety & Fidelity Association of America (SFAA). Lynn M. Schubert, the group’s current president, announced in December that she would be retiring at the end of this year. Paul...

May 15, 2018 Bond-Pro Webmaster Blog, News, Repost.

S.C. governor signs insurer cyber security into law

South Carolina became the first state to have a cyber security law requiring insurers to establish a “strong and aggressive” program to protect companies and their consumers from a data breach, with Gov. Henry McMaster’s signing of legislation this week, according to the state insurance department. “South Carolina is...

May 11, 2018 Bond-Pro Webmaster Blog, Legislation, News, Repost.