The St. Paul Companies, a Saint Paul, Minn.-based commercial insurer, announced and agreement to acquire the renewal rights for Fireman’s Fund Insurance Company’s surety bond business.
Fireman’s Fund wrote about $103 million in gross premiums in surety bonds last year. The St. Paul’s acquisition pertains to renewal rights for some 800 contract and commercial surety accounts in the U.S. The St. Paul will also be able to renew accounts going forward without assuming any past liabilities.
According to Robert Lamendola, executive vice president of The St. Paul Companies and president of The St. Paul’s global surety and construction group, the transaction allows the company to extend its presence as the largest writer of surety bonds in the United States. Lamendola added that the move allows the company the opportunity to increase its market penetration in the western states, particularly in California.
In 2000, The St. Paul wrote $426 million in net premiums in surety bonds. For the first nine months of 2001, the company has written $320 million.
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