Bond-Pro | Surety Technology

How Chubb Is Navigating Coronavirus and Its Impact on Growth

Chubb Chairman and CEO Evan Greenberg insists his global P/C insurer has strong fundamentals, but warned at the same time that the ongoing pandemic crisis will spur unpredictable revenue challenges affecting many lines of coverage. Broadly speaking, the insurer will likely take hits on the liability side and earnings...

April 27, 2020 Bond-Pro Webmaster Blog, Clients, Market, News, Repost, Surety, Uncategorized.

QBE backs down on trade credit controversy

Insurance giant QBE has made a dramatic U-turn on its sudden decision to withdraw from the trade credit insurance market following major pushback from the construction industry and the federal opposition. On Saturday QBE told customers it would no longer provide trade credit insurance for businesses with a limit...

April 6, 2020 Bond-Pro Webmaster Blog, Clients, Market, News, Repost.

Swiss Re Americas Issues Public Comment on Treasury’s Fiscal Service Bureau

WASHINGTON, March 6 — Matthew Wulf, head of state regulatory affairs at Swiss Re Americas, Armonk, New York, has issued a public comment on the U.S. Treasury Department’s Bureau of the Fiscal Service notice entitled “Surety Companies Doing Business with the United States; Request for Information”. The comment was...

March 6, 2020 Bond-Pro Webmaster Blog, Clients, Market, News, Repost, Surety.

SBA Recognizes FY19 Most Active Surety Companies and Agencies

WASHINGTON, DC – The U.S. Small Business Administration announced on Wednesday its most active surety companies and agencies for fiscal year 2019, which contributed to increases in the Surety Bond Guarantee (SBG) Program’s activity. “The SBA is very fortunate to partner with sureties and agents with a shared vision...

January 24, 2020 Bond-Pro Webmaster Blog, Clients, Market, News, Repost, Surety, Uncategorized.

Chubb Introduces First-of-Its-Kind Financial Institution Fidelity Bond to Address Unique Risks Faced by Asset Managers

WHITEHOUSE STATION, N.J., Dec. 17, 2019 /PRNewswire/ — Chubb (CB) has introduced a new fidelity insurance solution, the Financial Institution Bond for Asset Managers, to address the unique range of risks faced by today’s asset managers. This new financial fidelity bond provides modernized coverage for a range of risks...

December 17, 2019 Bond-Pro Webmaster Blog, Clients, News, Repost.

Surety Bond Producers Keep Eye Out For Illegal Waivers

A report from the annual convention of surety brokers and agents The surety bond industry regularly reminds state and local governments, politely, that public works in all states must involve surety bonds That’s the law. And the National Association of Surety Bond Producers, the bond agents trade group, has...

May 1, 2019 Bond-Pro Webmaster Blog, Clients, Repost.

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.

Chubb: Our willingness to roll up our sleeves sets us apart

There are very few insurance carriers willing to “roll up their sleeves” and “dive head first” into a complex surety deal. The surety marketplace can have fierce competition and small profit margins. Insurer Chubb has an integrated global surety division under the leadership of Stephen Haney. Chubb’s surety team...

April 19, 2018 Bond-Pro Webmaster Blog, Clients, News, Repost.

Sompo International U.S. Insurance to Acquire Lexon Surety Group

Sompo International, a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced today that its U.S. Insurance platform has reached an agreement to purchase the operating subsidiaries of Lexon Surety Group LLC (Lexon). \ Lexon, the second largest independent surety insurer in the U.S., is comprised of...

January 4, 2018 Bond-Pro Webmaster Blog, Clients, M&A, News, Repost.

Trisura Reviews Construction Lien Act (Bill 142)

Canadian Surety Brokers and Bill 142 TORONTO, Dec. 8th, 2017 /insPRESS/ – The Construction Lien Act, Bill 142, which recently passed after an 87-0 vote in the Ontario Legislature brings about several long awaited improvements for the Ontario construction industry. While the new legislation is limited to Ontario, it...

December 14, 2017 Bond-Pro Webmaster Blog, Clients, Legislation, News, Repost.