The Subscribers to SFAA Fidelity and Surety Case Summaries list has been updated for Members, Claims Advisors and Case Summary Subscribers.
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Category: Surety Bond Articles
Surety Bond Articles
bookmark_borderPreliminary 2018 Top 50 reports posted
 | The Preliminary 2018 Top 50 reports have been posted for Members and Subscribers. Use the following links: Surety / Fidelity or navigate to Statistics / Statistical Reports: Financial Statement Data / Fifty Largest Writers from the menu. |
Non-Members may purchase these reports by completing a Statistical Report Order Form. Click here for a complete list, description, and release schedule of statistical reports.
The data used to produce these reports have been compiled by both The Surety& Fidelity Association of America and SNL Financial LC, and is copyrighted by both The Surety & Fidelity Association of America and SNL Financial LC. Reproduction in any form in whole or in part is prohibited without written permission from The Surety & Fidelity Association of America.
bookmark_borderNews Release: Indiana Passes Surety Bonding Bill for P3 Projects
NEWS RELEASE
FOR IMMEDIATE RELEASE
Contact: Bryan Surcouf, Communications Manager
Phone: (202) 778-3629
E-mail: [email protected]
Indiana Passes Surety Bonding Bill for P3 Projects
Bill Provides Additional Protections for Workers, Local Businesses and Taxpayer Money
April 9, 2019, Washington, D.C. – Indiana HB 1374, sponsored by Indiana State Rep. Matt Lehman, headed to Governor Holcomb?s desk for signature on April 8. The bill amends all three of the state?s public-private partnership (P3) laws to require a 100 percent payment bond and a 50 percent performance bond on these types of state infrastructure projects. The Indiana House passed the measure with a vote of 93 to two, while the Indiana Senate passed the measure with a vote of 48 to zero.
?Indiana took an important step to protect workers, small businesses and taxpayer money on P3s projects. We commend the Indiana legislature for recognizing the value of surety bonds,? says SFAA President Lee Covington. ?No other risk management product provides the same comprehensive protection as surety bonds. Thank you to Rep. Lehman, and to all those involved for passing this important piece of legislation.?
P3s provide a new method of financing for public infrastructure projects. A P3 is a way for governments and agencies to access the capital market, but the construction risk remains the same. According to BizMiner, more than one out of four contractors fail. Surety bonds significantly increase the likelihood that a construction contract will be completed, and that subcontractors, suppliers and workers will be paid. No matter the project delivery method, surety bonds help public agencies assess and minimize their risk.
For more information on the value of surety bonds, visit www.surety.org.
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The Surety & Fidelity Association of America (SFAA) is a trade association of more than 425 insurance companies that write over 98 percent of surety and fidelity bonds in the U.S. SFAA is licensed as a rating or advisory organization in all states and it has been designated by state insurance departments as a statistical agent for the reporting of fidelity and surety experience.
bookmark_border2018-2019 Bond Obligee Guide updated
This guide is designed to serve obligees who may want to verify the
authenticity of surety bonds that they are being asked to accept. The
most reliable way to authenticate a surety bond is to contact the
issuing surety company directly. However, it is often difficult to
ascertain the correct address, telephone number or person to contact at
the surety.
Accordingly, this guide contains a list of SFAA surety
company members that have volunteered to be included together with
information as to how they can be contacted for the purposes of
authenticating a bond. Since participation in this program is voluntary,
not every surety company is listed.
bookmark_border1st Quarter 2019 Results posted for Members and Subscribers
The first quarter 2019 Quarterly Results have been posted for Members and Subscribers
Navigate to these reports at Statistics / Statistical Reports: Financial Statement Data / Quarterly Results For Members only, historical quarterly reports have been added back to 2010 Q1.
Non-Members may purchase these reports by completing a Statistical Report Order Form. Click here for a complete list, description, and release schedule of statistical reports.
The
data used to produce these reports have been compiled by both The
Surety & Fidelity Association of America and SNL Financial LC, and
is copyrighted by both The Surety & Fidelity Association of America
and SNL Financial LC. Reproduction in any form in whole or in part is
prohibited without written permission from The Surety & Fidelity
Association of America.
bookmark_border2019 Annual Meeting Postings
Public:
Members:
- 2019-2020 Executive Committee list
- Commercial Surety Advisory Committee meeting
- Contract Bonds Advisory Committee meeting
- General Criteria: Guarantee Criteria handout
- Relevant Measures Of Insurer Creditworthiness When A Transaction Relies On Credit Enhancement Or Collateral Support handout
- Lessons Learned From 20 Years Of Rating Global Project Finance Debt handout
- Project Finance Ratings and the Role of Insurance Products presentation
- Contract Killer Clauses presentation
- Survey Summary presentation
- Survey Summary handout
- General Session presentations
- 2019-2020 Advisory Committee Members list (see Member Services / Committees / Advisory Committees … for each individual committee list)
- General Session Meeting Minutes (coming soon)
bookmark_borderNews Release: The Surety & Fidelity Association of America Elects Board Members and President
FOR IMMEDIATE RELEASE
Contact: Bryan Surcouf, Communications Manager
Phone: (202) 778-3629
E-mail: [email protected]
The Surety & Fidelity Association of America Elects Board Members and President
Taylor Re-Elected Chair; Covington Elected President
MAY 20, 2019, WASHINGTON, D.C.? The Surety & Fidelity Association of America (SFAA) elected its executive committee, board of directors and president at the 111th Annual Meeting held in Washington, D.C. on May 16.
Larry Taylor was re-elected as Chair of the Board. Mr. Taylor is the President of Merchants Bonding Company Group. He joined Merchants Bonding Company TM in 1989 and became the company?s President in 1996.
John Welch was re-elected to Vice Chair of the Board of Directors. Mr. Welch has been President and Chief Executive Officer of CNA Surety Corp., an affiliate of CNA Financial Corporation, since June 17, 2003.
Also elected to the Executive Committee were:
Bob Murray, Executive Vice President & Head of Surety, Zurich North America
Stephen Ruschak, President & Chief Executive Officer, The Guarantee Company of North America USA
Thomas M. Kunkel, President, Bond & Specialty Insurance, The Travelers Companies
Tim Mikolajewski, President of Global Surety, Liberty Mutual Group
In addition to those companies, representatives from SFAA member companies elected to serve on the Board include:
John Phinney, Chief Underwriting Officer, AIG Property Casualty
Stephen Haney, President, North American Surety, Chief Underwriting Officer for Global Surety, Chubb Surety
Gary T Dunbar, President, Bond Division, Great American Insurance Group
James Kawiecki, President, Hanover Surety, The Hanover Insurance Group
Rick Ciullo, Chief Operating Officer, Hartford Bond, The Hartford Insurance Group
Nancy Giardano-Ramos, Vice President, Head of Bonds, Main Street America Group
John Knox, Jr., Chairman & Chief Executive Officer, Markel Surety Corporation
Antonio C. Albanese, Vice President- Head of Surety, Nationwide Mutual Insurance Company
Alan Pavlic, President & Chief Operating Officer, Old Republic Surety Company
Steve Anderson, Senior Vice President, Head of North American Surety, Swiss Re Corporate Solutions
Dennis Baus, National Surety Leader, Westfield Insurance Group
Shawn Lynch, Senior Vice President, Transatlantic Re, also was elected as the reinsurance representative on the Board.
J. Lee Covington II was elected as SFAA President.
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The Surety & Fidelity Association of America (SFAA) is a trade association of more than 425 insurance companies that write 98 percent of surety and fidelity bonds in the U.S. SFAA is licensed as a rating or advisory organization in all states and it has been designated by state insurance departments as a statistical agent for the reporting of fidelity and surety experience.
bookmark_borderFederal and State Legislative Reports posted
Federal and State Legislative Reports posted
The Federal and State Legislative Reports for May 2019 have been posted for Members.
bookmark_borderSFAA’s Bill to Address Attorneys’ Fees Awards in Bond Claims Considered but not Enacted
 | SFAA’s Bill to Address Attorneys’ Fees Awards in Bond Claims Considered but not Enacted |
Washington SB 6428/HB 2852 would have placed reasonable limits on the award of attorney fees’ against sureties. The bill provided that the rights granted under current procurement law would have been the exclusive remedy for recovering attorneys’ fee for all disputes, including but not limited to coverage disputes involving a performance or payment bond required under the Little Miller Act. The legislation stalled in the House and died at the end of the session since bills do not carry over to 2019 in Washington.
Members should visit Government Relations / General Info (Members) for more information.
bookmark_borderDraft Meeting Minutes posted
Draft Minutes from the following
recent meetings have been posted for Members:
- Fidelity Claims Advisory Committee meeting – January 24, 2018
- Board of Directors meeting – December 7, 2017
- Commercial Surety Advisory Committee meeting – December 6, 2017
- Fidelity/Fidelity Claims Advisory Committee meeting – November 8, 2017
- e-Business Advisory Committee conference call – October 4, 2017
- Diversity & Human Resources Advisory Committee meeting – September 28, 2017
- Actuarial Advisory Committee meeting – September 13, 2017
- Contract Bonds Advisory Committee meeting – September 13, 2017
- Government Affairs Advisory Committee meeting – September 13, 2017
- Communications Advisory Committee conference call – September 12, 2017
- Surety Claims Advisory Committee meeting – June 20, 2017
- Fidelity Advisory Committee meeting – May 10, 2017
- International Advisory Committee meeting – May 10, 2017
- Surety Claims / Corporate Counsel Advisory Committees meeting – January 18, 2017
- Joint Automation Committee meeting – September 24-25, 2015
- Statistical Advisory Committee meeting – September 2, 2015
Members should navigate to the Board and Committees section of the website for for additional information
about SFAA Board and Advisory Committees.