Bond-Pro | Surety Technology

Markel to Acquire SureTec Financial Corp

RICHMOND, Va. and HOUSTON, Feb. 1, 2017 /PRNewswire/ — Markel Corporation (“Markel”) (NYSE: MKL) and SureTec Financial Corp. (“SureTec”) announced today that they have entered into a definitive agreement for Markel to acquire SureTec for approximately $250 million, inclusive of a three-year earn out. The transaction is subject to...

February 2, 2017 Bond-Pro Webmaster Blog, M&A, News, Repost.

Tampa Housing Authority Wishes, Fired Developer Gets Another Crack At Building Tempo Housing Project

TAMPA — The Tampa Housing Authority thought it had seen the last of the Siltek Group when in July it fired the contractor building a signature $25.6 million The Tempo at Encore was behind schedule and had fallen prey to shoddy workmanship and poor management, said Housing Authority officials....

January 30, 2017 Bond-Pro Webmaster Blog, Claims, Repost.

SBA Recognizes Surety Bond Companies; Increases Bond Guarantees to 90 Percent

Several surety bond companies that are partners with the U.S. Small Business Administration (SBA) in helping small contracting businesses with their surety bond needs were recently honored by SBA’s Office of Surety Guarantees at a ceremony held at the Agency’s headquarters in Washington, D.C. Michael Konzen, with CCI Surety...

January 27, 2017 Bond-Pro Webmaster Blog, Legislation, Repost.

New Program To Aid Small Firms Get Government Contracts

Stanley and Jocelyn Tucker, founders of a nearly 20-year-old landscaping company in Central Jersey, know firsthand the difficulties that minority-owned small businesses face. So they welcome a new state program that will enable firms like theirs to compete for lucrative state and federal contracts. The husband-and-wife team, partners in...

January 25, 2017 Bond-Pro Webmaster Blog, Legislation, Repost.

Does The Accessory Principle Apply To Surety Bonds?

China’s surety bond market underwent significant development in 2016 and surety bonds have become one of the most important methods for securing a financial guarantee. However, due to a lack of clear Supreme Court guidance on the matter, the laws that apply to surety bonds issued by insurers in...

January 23, 2017 Bond-Pro Webmaster Blog, Repost.

Complexities of Construction Risks Make Surety Bonds More Crucial

Risks in the construction industry and commercial markets highlight the growing importance of surety bonds The evolving complexities of risks in the construction industry and commercial markets highlight the growing importance of surety bonds, a joint study by the Associated General Contractors of America (AGC) and consulting firm FMI...

January 19, 2017 Bond-Pro Webmaster Blog, Repost.

Hartford Ballpark Surety Insurer Sues Former Developer

The Arch Insurance Co. has filed a federal lawsuit against the former Hartford ballpark developer to recover what it describes as more than $8.4 million in losses as it pursues completion of the stadium. Arch last week sued Centerplan Development Co. of Middletown, the former developer of the Dunkin’...

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

Aviva CEO Sees Asia Insurance Agents Disappearing on Digital

Aviva Plc’s Chief Executive Officer Mark Wilson said the number of insurance agents in some of Asia’s most developed markets could halve over the next three years as digital sales start to eat into their commissions. The agents, used by some Chinese mainlanders to avoid capital controls, have been...

January 10, 2017 Bond-Pro Webmaster Blog, Clients, Repost.

General Indemnity Group Announces the Acquisition of United Casualty and Surety Insurance Company

General Indemnity Group, LLC, (“GIG”), a subsidiary of Boston Omaha Corporation (OTC: BOMN), announced today that it has completed the previously disclosed acquisition of United Casualty and Surety Insurance Company (“UCS”), of Quincy, Massachusetts. UCS is a leading provider of both contract and commercial surety products, and has earned...

January 5, 2017 Bond-Pro Webmaster Blog, M&A, News, Repost.

Fairfax Financial Acquires Allied World For $4.9bn

Canada-based Fairfax Financial Holdings, a property and casualty re/insurer, is acquiring Allied World Assurance Company Holdings for $4.9 billion in cash and stock as the two companies have entered into a merger agreement approved by their boards. The offer price represents a premium of 18 percent to the closing...

December 19, 2016 Bond-Pro Webmaster Blog, M&A, News, Repost.