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BOSTON, April 15, 2019 /PRNewswire/ — Liberty Mutual Insurance announced today it has signed a definitive agreement to acquire the global surety and credit reinsurance operations of AmTrust Financial Services, Inc. (AmTrust), a multinational property and casualty insurer specializing in coverage for small to midsized businesses. Upon closing, Liberty Mutual will acquire four AmTrust businesses:  AmTrust Surety, previously managed by Insco Dico, which provides contract, commercial, and...

Coface strengthens its market position in the Adriatic region by acquiring SID – PKZ, the leading credit insurance company in Slovenia Coface announces today the acquisition of SID – PKZ, the market leader in credit insurance in Slovenia with a high market share. As Coface has acquired all SID – PKZ shares, the business will operate under the new...

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 standards contributed by Crowe LLP, a public accounting, consulting, and...

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 does not expire, but is canceled by the obligee by...

A common practice in cities across Canada is that residential land developers are required to post letters of credit (LOC) prior to securing land development approvals to offset potential risks posed by such costs as site servicing and deferred levy payments. “The letter of credit is a form of security where, in the event the developer does not complete...

The report said the bail system costs taxpayers far less. As Florida lawmakers consider expanding pre-trial release programs, a new University of Tampa study suggests that the cost could be prohibitive. David Krahl, assistant professor of criminology and criminal justice, said sticking with bail will save the justice system considerable dollars. His study shows surety bonds cost the state...

North Dakota has modified the surety bond requirements under the Money Brokers Act. Presently, the law requires a surety bond in an amount not less than $25,000. N.D. Cent. Code Section 13-04.1-04.01(1). Effective August 1, 2019, the new minimum amount of the bond will be $50,000. https://www.natlawreview.com/article/north-dakota-modifies-surety-bond-requirements

The opening of a new Truro Township fire station on East Main Street in Reynoldsburg has been delayed again, this time until August, because the general contractor, Palmetto Construction Services LLC, abandoned the project last month. The opening of a new Truro Township fire station on East Main Street in Reynoldsburg has been delayed again, this time until August,...

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 2027. Pune, India — (SBWIRE) — 03/06/2019 — The report...

A Connecticut construction firm must indemnify an Arch Insurance Group Inc. unit for $39.1 million in connection with the building of a minor league baseball stadium, a federal district court has ruled. Arch Insurance Co., a unit of Jersey City, New Jersey-based Arch Insurance Group, had issued surety bonds to North Haven, Connecticut-based Centerplan Construction Co. in connection with...