Pol risk, credit & surety
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Trisura is expanding the firm’s licenses to include all 50 states and Washington, DC.
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Insured losses from civil unrest have risen over the last decade to total $7bn in 2020-23.
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There is more capacity in the market for long-term risks.
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Lockton broker Gary Giulietti said the size of the bond is "rarely, if ever, seen".
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Marsh Specialty has released its Political Risk Report 2024.
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The fronting company has been expanding its surety business in the US.
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Surety DWP rose between 11%-12% YoY from Q1 to Q3 2023.
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Based in Brazil, the executive also has prior experience at Liberty Seguros, where he was regional manager, and Chubb, where he was LatAm surety underwriting manager.
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Highlighting regions where the demand for SRCC products is increasing, stakeholders can tailor offerings more effectively, the PCS said.
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The executive will be based in the company's Morristown, New Jersey office.
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The executive has over three decades of surety experience in underwriting, consulting, and claims roles, including a stint as surety claims counsel.
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American has been in the surety market for over 30 years and upon closing will become Core Specialty’s surety division with two initial product lines, bail bonds and commercial surety bonds.