Bond-Pro | Surety Technology

Trade credit insurance claims hit nine-year high

There were more insurance claims made across England and Wales to cover the non-payment of debts in the first quarter of this year than at any time since 2009. That is according to data from the Association of British Insurers (ABI), which reveals that the number of claims jumped...

June 23, 2018 Bond-Pro Webmaster Blog, Claims, News, Repost.

Ga. Justices Toss Punitive Damages Against Surety for Conservator’s Theft

The Georgia Supreme Court ruled that punitive damages a probate judge entered against the conservator could not be levied against the insurance company that provided the surety bond. The Georgia Supreme Court has ruled the issuer of a surety bond is not responsible for a $150,000 punitive damages award...

June 17, 2018 Bond-Pro Webmaster Blog, Claims, News, Repost.

SBA Recognizes the Office of Surety Guarantees Award Winners

WASHINGTON, June 13, 2018 /PRNewswire-USNewswire/ — The U.S. Small Business Administration recognizes the Office of Surety Guarantees award winners for their continued work to help small contracting businesses acquire surety bonds Three SBA surety bond partners were selected to receive awards based on their participation, activity, claims and recovery...

June 14, 2018 Bond-Pro Webmaster Blog, News, Repost.

Was 2017 the Tipping Point for the Bail Bonds Industry?

OLDWICK, N.J.–(BUSINESS WIRE)–As reform measures across the United States significantly diminish or eliminate the need for defendants to post cash bail, the business currently handled by bail bonds agents and insurance specialists may cease to exist, according to a new A.M. Best special report. The Best’s Market Segment Report,...

June 10, 2018 Bond-Pro Webmaster Blog, News, Repost.

Kentucky amends law allowing surface coal mining and reclamation permit applications to submit their own bonds

At the beginning of April, Kentucky governor signed a bill that amends portions of chapters of the Kentucky Revised Statutes (KRS) that relate to mining. The 40-page bill introduces numerous new provisions with regards to different types of mining operations and procedures in the state. Among these are also...

June 7, 2018 Bond-Pro Webmaster Blog, Legislation, News, 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.

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.