surety bonds News

QBE Approved by Treasury for $73.5 Million in Surety Bond Capacity

QBE Insurance Corp. (QBEIC) has been approved by the United States Department of Treasury as a Certified Company with an underwriting limitation (also referred to as a Treasury Listing) of $73.5 million per bond. This builds upon a previously approved …

Vermont Law Tightens Regulation for Consumer Litigation Funding Companies

A new Vermont law introduces changes to the legal requirements for consumer litigation funding companies in the state. These companies will now need to get licensed and post a surety bond in order to operate legally. Vermont House Bill 84, …

California Agent Pleads Guilty to Selling Bogus Bonds and Premium Theft

John Antonio Ruiz, 49, of Riverside, Calif., pleaded guilty to 11 felony counts of grand theft after selling $334,972 in bogus surety bonds and stealing the client’s premium. His theft left a major retailer exposed to loss on a construction …

Mullis Newby Hurst Adds Reed as Account Executive

Texas-based Mullis Newby Hurst LP, which specializes in construction insurance and surety bonds in the Southwest, recently hired Doug Reed as an account executive. Previously Reed was director of business development for Chem Can Services LLC and a financial representative …

Main Street America Now Writing Surety, Fidelity Bonds in Mississippi

The Main Street America Group has received regulatory approval from the State of Mississippi Insurance Department to write commercial surety and fidelity bonds in the state, which will be underwritten through the company’s NGM Insurance Co. Brian Beggs, vice president …

Mullis Newby Hurst Opens Office in San Antonio

Dallas-based Mullis Newby Hurst LP (MNH), one of the largest writers of construction insurance and surety bonds in the Southwest, has hired David Layman to expand to San Antonio. Layman has served as head of contract surety underwriting for NAS …

South Dakota Insurance Firm to Pay Penalty, Comply With Law

The state Insurance Division says a South Dakota-based insurance company has agreed to pay a penalty of $25,000 and comply with insurance laws and regulations. The division says it has completed an examination of ReliaMax Surety Co., which issues surety …

Detroit Says It’s Settled with Some Creditors

Detroit has reached an “important settlement” with some creditors as it negotiates ways to get rid of billions of dollars of debt, according to court documents filed on July 15, though details of the agreement haven’t been released. The disclosure …

Insurer Backing Detroit Bonds Opposes City Plans

An insurance company that backs more than $170 million in Detroit bonds says it opposes a plan by the city’s state-appointed emergency manager to restructure the city’s finances. Ambac Assurance Corp. said in a statement issued on July 8 that …