Houston-based SureTec Financial Corp., sole owner of SureTec Insurance Company and other subsidiaries providing services to the construction and surety industries, announced plans to repurchase the 23.7 percent of SureTec stock currently owned by U.S. Specialty Insurance Company, a subsidiary of HCC Insurance Holdings Inc. (HCC).
SureTec expects to receive regulatory approval and close the transaction at the end of September.
“HCC has been an excellent partner since 2002. At the time, we needed the ability to write in those jurisdictions where we were not then licensed. We also needed Treasury-list support when we asked HCC to invest. We could not have had a better partner” said John Knox, Jr., SureTec’s CEO. “Now that we are licensed in 46 states, have an “A VII (Excellent)” A.M. Best rating, and a Treasury Limitation that exceeds our single bond limit, the need for a strategic investor has greatly diminished.”
SureTec is owned by John Knox, Jr., personally and through family partnerships controlled by him, and with SureTec Partners Ltd., a group of the key employees and decision makers at SureTec.
Through independent agents and professional surety producers, SureTec specializes in underwriting small-to-midsize contract bonds and commercial surety.
Source: SureTec, www.suretec.com
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