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 Job One Lawn and Landscape LLC in Ewing, are among...

Does The Accessory Principle Apply To Surety Bonds?

china
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 China are still the subject of much debate. This update...

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 found. The survey, entitled “Surety Bonding and Risk Management Forum,”...

Hartford Ballpark Surety Insurer Sues Former Developer

Arch Claim
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’ Donuts ballpark along with a host of related development companies...

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 a reputation for strength and service with its agents and...

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 price of $45.77 per Allied World Share on December 16,...

Liberty Mutual to Acquire Ironshore from China’s Fosun for $3 Billion

libertymutual
Liberty Mutual Insurance has agreed to acquire specialty lines insurer Ironshore Inc. from China’s Fosun International Limited. Liberty Mutual will acquire a 100 percent ownership interest in Ironshore. According to the announcement, the purchase price will equate to 1.45x Ironshore’s actual tangible book value as of year-end 2016, and is estimated to be approximately $3 billion. The purchase price...

Clear Skies Ahead For US Surety Bond Sector

After 2 successive years of growth, rally in overall premiums is expected to continue Things are looking bright for the surety bond industry. After two successive years of growth, the rally in overall premiums is expected to continue next year despite an expected rise in loss activity. Industry experts say the U.S. economy is showing signs of true recovery...

Profits push ‘hypercompetitive’ activity in the surety marketplace

Strong construction growth drives bonding demand, but also a labor shortage, giving rise to increasing claims The fortunes of the surety sector are, naturally, directly linked to those of the construction industry. After reaching a high mark of more than $5.5 billion in premium in 2008, that number decreased as the recession took hold and took construction activity down...

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