Category: News

NEW YORK–(BUSINESS WIRE)–Apr 11, 2019–The XBRL US Surety Working Group, today announced the publication of a draft release of the Contractor Financials Taxonomy, which contains data standards to capture income statement and balance sheet information about contractors. The taxonomy was created by starting with an initial set of data...

A continuing bond, also called continuous bond, is a financial guarantee or a suretyship that renews automatically until it is canceled. Continuing bonds do not expire as long as the client makes the required payment for each renewal. In other words, it has an indefinite term. A continuing bond...

Surety Market to 2027 – Global Analysis and Forecast by Bond Type. In terms of revenue, the global Surety market accounted for US$ 15.33 Billion in 2018 and is expected to grow at a CAGR of 7.5% over the forecast period 2019–2027, to account for US$ 28.77 Billion in...

The economy could see more businesses becoming insolvent, with the number of trade credit insurance claims shooting up 41% in the December quarter from a year earlier. Data collected by National Credit Insurance (NCI) puts the value of each claim at about $97,000. Last year insurers paid out $64...

Duck Creek Technologies, the Boston-based insurance software company, has acquired Outline Systems LLC, a New Jersey-based provider of P&C insurance distribution channel management software, the companies announced Wednesday. “Outline’s distribution channel management software is a natural addition to Duck Creek’s platform and marks an important milestone in our growth...

ACTION: Notification of temporary initiative to test lower fees; request for public comments. SUMMARY:This document announces a temporary decrease in the guarantee fees that the U.S. Small Business Administration (SBA) charges all Surety companies and Principals on each guaranteed bond (other than a bid bond) issued in SBA’s Surety...

Lee Covington will become president of The Surety & Fidelity Association of America on Oct. 1. Lee Covington, the longtime senior vice president for governmental affairs and general counsel for the Insured Retirement Institute, will become president of The Surety & Fidelity Association of America (SFAA) on Oct. 1....

Technology is helping insurance firms around the world navigate uncertainties in global markets and capture market opportunities ahead of the competition. Companies tied down by legacy systems are feeling the heat as future-prepped firms adopt new ways to deliver value in the insurance marketplace. Duck Creek Technologies has a...

The Trump administration’s imposition of tariffs and the threat of an impending trade war with China could eventually result in reduced capacity and higher rates in the political risk and trade credit insurance market. But although there is already some evidence of increased submissions by policyholders, it is too...

A circuit court judge on Wednesday approved a petition to place a Sioux Falls company that insures and services student loans into liquidation. ReliaMax Surety Co. will have all remaining assets liquidated by the South Dakota Division of Insurance, which filed the petition in Hughes County Circuit Court on...