Federal Court in Nebraska Denies Surety’s Request for Preliminary Injunction Requiring Principal to Post Collateral Security, Finding No Irreparable Harm Absent Proof That Principal Was Insolvent or Secreting Assets

Allied World Specialty Ins. Co. v. Abat Lerew Constr., 2017 U.S. Dist. LEXIS 61794 (D. Neb. Apr. 24, 2017) Abat Lerew Construction (“ALC”) entered into multiple construction projects which required it to obtain surety bonds guaranteeing its performance. ALC obtained the bonds from Allied World Specialty Insurance Company (“Allied”) and also entered into an indemnity agreement with Allied. In...

W.R. Berkley Corporation launches surety and specialty units in Mexico

W.R. Berkley Corporation has announced the formation of two units focusing on surety and specialty commercial, Berkley International Fianzas México S.A. and Berkley International Seguros México S.A., after receiving authorization to start operating by Mexican regulator Comisión Nacional de Seguros y Fianzas (CNSF). Berkley International Fianzas México S.A. will focus on surety business with Guillermo Espinosa Barragan named as...

Surety insurers prepare to commence operations in Mexico

Two years after the Insurance and Bonding Companies Law was enacted, surety insurance is finally starting to take effect in Mexico and coexist with other institutions that integrate the bonding sector. In Mexico, surety insurance is regulated as a mechanism to guarantee obligations, under which an insurer must indemnify the insured (ie, the beneficiary) in case of a breach...

SFAA Releases Preliminary 2016 Top 100 Reports

MAY 13, 2017, WASHINGTON, D.C.— The Surety & Fidelity Association of America (SFAA) released its annual Preliminary 2016 Top 100 Reports for both the surety and fidelity markets. The separate reports display the total premium of the industry, and the rankings of the top 100 surety and fidelity writers. The premium and loss results of each writer are shown....

A.M. Best Special Report: Potential Criminal Justice System Reform Could Cause Major Upheaval for Bail Bond Insurers

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OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best believes legislative reform in the bail bond insurance sector of the fidelity and surety market segments has led to significant disruption, and the potential for further changes places the bail bond industry at a critical juncture with respect to its long-term health and viability. According to a new special report, if cash bail were to...

SBA and NASBP to Hold Surety Bonding Credit Seminars for Small Businesses

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WASHINGTON, May 8, 2017 /PRNewswire-USNewswire/ — The U.S. Small Business Administration’s Office of Surety Guarantees (OSG) and the National Association of Surety Bond Producers (NASBP) are partnering to offer a surety bond training event for small business owners on May 18, to provide greater contract bonding access to small contractors. The half-day seminars, titled “Your Path to Surety Bonds:...

Good Time to Get or Expand Your Surety Support

San Clemente, CA, May 09, 2017 –(PR.com)– Construction Contracting and Surety Construction Support for 2017 is following its predicted pattern of growth. With the recent years being fairly successful in the writing of performance and payment bonds. Without significant loss trends, the industry is responding by offering more aggressively underwritten surety bond lines of credit across the country. Now...

Northbridge acquires surety business of Fenchurch

TORONTO, May 9, 2017 – Northbridge Financial Corporation is expanding its product line to include surety bonds. Starting June 1, 2017, businesses across Canada will have access to an extensive selection of contract and commercial bonding solutions. “Northbridge is now open for surety business,” says Silvy Wright, President & CEO, Northbridge Financial Corporation. “Our added product capability allows us...

Ohio-Based Insurer Provides Surety Bonds For Ohio Medical Marijuana Control Program

CLEVELAND, May 2, 2017 /PRNewswire/ — Continental Heritage Insurance Company today announced a program to provide surety bonds to applicants for Ohio’s Medical Marijuana Program. Continental Heritage, based in Mayfield Heights, Ohio, is an insurance carrier rated A- by AM Best. Edward Feighan, an owner and director of Continental Heritage, is leading the new bond program. Mr. Feighan is...

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