Surety Outlook 2019: The Peak of the Cycle

By the end of 2018, the construction and surety industries remained robust and resilient. For most contractors, backlogs are as strong as they have been in over a decade, margins have returned to pre-recession highs and work is abundant. For surety companies, profits are at an all-time high, loss margins remain low and demand for bonding, along with total...

Surety Market to Achieve Significant Growth in the Near Future

report
AmTrust Financial Services; Crum & Forster, American Financial Group; The Travelers Indemnity Company; Liberty Mutual Insurance Company Surety Market report aims to provide a 360-degree view of the market in terms of cutting-edge technology, key developments, drivers, restraints and future trends with impact analysis of these trends on the market for short-term, mid-term and long-term during the forecast period....

Bail companies in California have conspired to keep premiums high, lawsuit alleges

With a historic law overhauling California’s cash bail system on hold, bail customers on Tuesday filed a class-action lawsuit against more than 20 surety companies and agents in the state, alleging they have conspired to keep premiums high for criminal defendants. The antitrust case, which the plaintiffs’ attorneys said could be the first of its kind in the country,...

Federal Court Clarifies When Idle Equipment Costs Are Recoverable Under the Miller Act [Colonial]

legislation
United States ex rel. Am. Civ. Constr., LLC v. Hirani Eng’g & Land Surveying, P.C., 2018 U.S. Dist. LEXIS 200829 (D.D.C. Nov 28, 2018). The case involved the construction of a levee wall on the National Mall in Washington, D.C. In September 2010, the Army Corps of Engineers awarded Hirani Engineering & Land Surveying, P.C. (“Hirani”) the prime contract...

Surety partially finances concrete contractor’s settlement [Liberty Mutual]

Navillus Settles Into Normal Business Life After One-Year Bankruptcy Trouble appears to be over between Navillus, one of New York City’s biggest contractors, and five building trades unions. Navillus sought bankruptcy protection 14 months ago after a federal judge ordered it to pay $76 million to union pension and benefit funds. The unions, with which the contractor had agreements,...

Automation to transform commercial insurance: survey

Automation is set to transform commercial insurance lines with investments in this field expected to increase, particularly affecting the property business, according to a survey including 300 commercial insurers conducted by Intelligent Insurer. https://www.intelligentinsurer.com/news/automation-to-transform-commercial-insurance-survey-17437

Ten Minutes with Travelers’ Gregg Lyon

The strategy chief for surety construction services talks about having the right people to prevent failures ENR recently exchanged email questions and answers with Gregg Lyon, chief strategy officer for Bond Construction Services, Strategic Initiatives and Product Management at Travelers. A graduate of Babson College, he has worked 28 years for the company in various underwriting and surety related...

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