The U.S. Department of the Treasury has raised The Main Street America Group’s NGM Insurance Company’s single surety bond capacity threshold to $98.6 million. The super-regional property/casualty insurance carrier’s previous capacity was $93.4 million.
According to Main Street America, the Treasury Department’s expansion of Main Street America’s surety bond capacity reflects the company’s strong financial position which includes surplus of $1.1 billion, total assets of $2.5 billion and net written premium over $1 billion. Additionally, global rating agency A.M. Best recently affirmed Main Street America’s “A” (Excellent) Financial Strength Rating and “a+” Issuer Credit Rating, with a Stable Outlook.
Nancy Giordano-Ramos, vice president/head of Main Street America’s bonds operation, said the company’s surety bond capacity continues to increase each year.
Main Street America has provided surety and fidelity products to “Main Street” businesses and individuals since 1961 through its network of independent insurance agents and is licensed to issue surety and fidelity products in 47 states and the District of Columbia. Main Street America’s surety operations are part of the company’s full line of commercial and personal insurance products.
Main Street America’s surety bond offerings include:
- Contract surety bonds.
- Commercial surety bonds ranging from small license and permit bonds and public official bonds to larger bonds covering service and supply obligations.
- Fidelity bonds, including a commercial crime policy that covers robbery, burglary and depositor’s forgery.
Independent agents can order and process the company’s commercial bonds through its Main Street Station bonds processing system.
The Main Street America Group is a mutual insurance holding company which writes business through its nine property/casualty insurance carriers: NGM Insurance Company, Old Dominion Insurance Company, Austin Mutual Insurance Company, Grain Dealers Mutual Insurance Company, Main Street America Assurance Company, Great Lakes Casualty Insurance Company, MSA Insurance Company, Spring Valley Mutual Insurance Company and Main Street America Protection Insurance Company. The company is based in Jacksonville, Fla.,