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 $93.4 million. The Jacksonville, Fla.-based super-regional property/casualty insurance carrier’s previous capacity was $90.5 million.
According to a statement from Main Street America, The Treasury Department’s expansion of Main Street’s surety bond capacity reflects the company’s strong financial position which includes surplus of $1.04 billion, total assets of $2.4 billion and net written premium of nearly $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.
“The Main Street America Group is well established as a stable and consistent partner to independent insurance agents and their customers,” said Brian Beggs, vice president/head of Main Street America’s bonds operation. “Our increased U.S. Treasury bond capacity, as well as A.M. Best’s recent affirmation of our strong financial ratings, is a direct result of Main Street America’s disciplined focus on sustainable, profitable growth with our independent agent partners.”
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. This includes the recent expansion of its surety business into Louisiana and Mississippi. Main Street America’s surety operations complement the company’s commercial and personal insurance business to provide a full line of protection products for individuals, families and businesses nationwide.
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 proprietary Main Street Station 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 Co., Old Dominion Insurance Co., Austin Mutual Insurance Co., Grain Dealers Mutual Insurance Co., Main Street America Assurance Co., Great Lakes Casualty Insurance Co., MSA Insurance Co., Spring Valley Mutual Insurance Co. and Main Street America Protection Insurance Co.
Main Street America is the founding company partner of Trusted Choice, the global branding program of the Independent Insurance Agents & Brokers of America. Main Street America is also a founding company partner of the TrustedChoice.com consumer agent portal and the Insurance Institute for Business & Home Safety (IBHS) Research Center.
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