Developers Surety and Indemnity Company, one of two underwriting companies within The Insco/Dico Group, is pleased to announce the completion of a $10 million surplus note offering that closed on May 22 at 2:00PM EST in New York. The additional capitalization provided by the notes will increase the Group’s consolidated statutory surplus to $31 million and should increase its Treasury Listing to over $3 million!
The Insco/Dico Group consists of Insco Insurance Services, Inc., Developers Surety and Indemnity Company and Indemnity Company of California. The Group previously enjoyed an “A- V” AM Best rating and a combined Treasury Listing in excess of $2,000,000. It has grown from a one state surety in 1979 to a major regional surety licensed in 46 states and the District of Columbia in the year 2003, with 14 branches serving customers across the USA. At year-end 2002 the Group was the 16th largest surety, as measured by premium volume, of all U.S. companies writing surety.
The recent infusion of capital is designed to provide for continued responsible growth within a clearly defined niche that includes small and medium sized developers and contractors. It will also allow for expansion of the Group’s commercial surety business development through its Bonds Online facility at www.InscoDico.com.
The insurance and surety industry has seen dramatic changes in the past few years, creating some great opportunities. Insco/Dico continues to seek out those opportunities as we underwrite subdivision, contract and miscellaneous bonds while providing the exemplary service we have delivered since our founding.
Director of Group Marketing
The Insco/Dico Group
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