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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 written on Feb. 13, 2020, and posted on March 5,...

A surety that paid out more than $3.7 million in claims failed in its attempt to sue the principal’s bank because its claims were time-barred, a negligence claim failed as a matter of law, there was no confidential relationship as required for a constructive fraud claim and the elements of breach of trust, constructive trust or accounting were not...

Latest market study on “Surety Market to 2027 by Bond Type (Contract Surety Bond, Commercial Surety Bond, Fidelity Surety Bond, and Court Surety Bond) -Global Analysis and Forecast”, the surety Market is estimated to reach US$ 28.77 Bn by 2027 from US$ US$ 15.33 Bn in 2018. The report include key understanding on the driving factors of this growth...

A captive insurance company (usually just referred to as a “captive” in short) is an insurance company that is set up to provide for the insurance needs of its owners, and them only. There are many types of captives, and they can be organized in many ways, most typically as corporations but also as LLCs and some other more...

he Guarantee Company of North America wants to take a disputed claim on a 20-year-old performance bond to the Supreme Court of Canada. The top court announced Feb. 7 that The Guarantee is applying for leave to appeal HOOPP Realty Inc. v. The Guarantee Company of North America, released this past November by the Court of Appeal of Alberta....

In Spain, private sector credit as a share of GDP almost doubled between 2000 and 2007. This increase was accompanied by a boom in housing prices—which doubled in real terms over the same period. The economy as a whole also grew at a record pace. But then in 2008, Spain’s credit bubble burst, and with it came loan defaults,...

Texas surety law contains obscure procedural rules that can have outsized consequences. Chapter 43 of the Civil Practice and Remedies Code is an important example. Applicability This chapter applies to everything that is a “surety” as defined by the statute. The statute’s definition includes “an endorser, a guarantor, and a drawer of a draft that has been accepted; and...

RALEIGH, N.C. (WBTV) – Raleigh lawyer and lobbyist Mark Bibbs pleaded guilty to six misdemeanor charges in a Wake County courtroom Monday. Bibbs was indicted on ten felony and misdemeanor charges in February 2018 following an investigation by the North Carolina Secretary of State’s Office that was prompted by a WBTV investigation. The charges included felony obstruction of justice,...

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 of assisting small and emerging businesses,” said Peter C. Gibbs,...