Texas road P3 secures loan, new owner amid bankruptcy | Canadian insurer authorized to write in US | P/C rates up further in Q2 after decline in 2016
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July 19, 2017
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Industry News
Texas road P3 secures loan, new owner amid bankruptcy
A bankrupt public-private partnership that constructed and operated a 41-mile stretch of highway in Texas has a new owner, which has secured a $260 million loan and thereby has avoided increasing tolls.
Construction Dive (7/14) 
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Canadian insurer authorized to write in US
An Oklahoma regulator has issued a certificate of authority for a Canadian insurer, letting the company write its first policies in the US. The company's products are surety bonds, corporate insurance and risk solutions.
Canadian Underwriter online (7/14) 
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P/C rates up further in Q2 after decline in 2016
P/C rates up further in Q2 after decline in 2016
(Pixabay)
Pricing for US commercial property/casualty insurance increased an average of 1% in the second quarter compared with a year ago, according to MarketScout and Keefe, Bruyette, & Woods. Rates have increased for two quarters in a row, after decreasing in 2016.
Reinsurance News (7/12) 
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Sewer-tunnel damage prompts N.Y. city to make claim on performance bond
Officials of Kingston, N.Y., have made a claim on the performance bond of a company that worked on repair of a sewer tunnel. Grout has been blocking the tunnel, and the city plans to borrow $1.1 million to pay another contractor to fix the problem.
Daily Freeman (Kingston, N.Y.) (7/17) 
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Policy Update
Exec: Talent-management strategy key in Minn. construction industry
Exec: Talent-management strategy key in Minn. construction industry
(William West/AFP/Getty Images)
Finding and keeping talent are important as Minnesota's construction industry expands, a construction-management executive says. The key is a professional-caliber talent-management strategy that includes recruitment, development, training and ongoing improvement, the executive says.
Construction Dive (7/17) 
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Association News
Free NASBP July 25 Virtual Seminar: "The SBA Today -- It's Not Your Grandfather's Bond Guarantee Program"
The US Small Business Administration's Surety Bond Guarantee Program (SBG) is vastly different today from the one that began in 1971. Until a decade ago, users found the SBG Program to be paper-intensive, time-consuming and sometimes frustrating. Today, the SBG Program is fast, simple and streamlined with a paperless, web-based application process that requires only two or three forms beyond the typical surety underwriting package and provides approvals in just a few hours to less than two days. Consider asking your contractor clients to join you at your office for this Virtual Seminar at 2 p.m. Eastern on July 25. Tamara Murray, underwriting and marketing specialist for the SBG in Denver, will describe how contractors can bridge the gap to the standard surety market and stand out from the competition with SBA's guarantee on projects up to $10 million. Bond startups and emerging contractors, eliminate funds administration and collateral requirements, and expand existing bonding capacity for your clients. With low working-capital requirements and other accommodations, SBA's SBG can help you "open doors to bonding" for small business. This NASBP Virtual Seminar is free; however, registration is required.
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Aug. 15 NASBP Virtual Seminar: "Setting Cyber Priorities: The Most Important Questions for Senior Executives To Ask About Their Cyber Security"
Presenters James Crifasi of RedZone Technologies in Annapolis, Md., and Linn F. Freedman of the law firm of Robinson & Cole in Providence, R.I., will describe the cybersecurity priorities surety professionals and their contractor clients should be implementing. Crifasi, vice president and chief technology officer of RedZone Technologies, has over 19 years of IT security, architecture and integration experience. Freedman, CIPP/US, chair of the data privacy and security team at her law firm, practices in data privacy and security law, cybersecurity, and complex litigation. She is a member of her firm's Business Litigation Group and chairs its Data Privacy + Security Team. Freedman focuses her practice on compliance with all state and federal data privacy and security laws and regulations, as well as emergency data-breach response and mitigation. Consider inviting your construction clients to join you at your office for this Aug. 15 NASBP Virtual Seminar at 2 p.m. Eastern. Register.
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Market Trends
Top 5 surety carriers ranked by net premiums
A report ranks the top property/casualty insurers in 11 major lines, including surety. The rankings are based on the companies' net premiums in 2016.
PropertyCasualty360 (7/17) 
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Opinion Poll
Are construction firms experiencing higher bid costs in your area?
Yes  72.73%
No  22.73%
Not sure  4.54%
Are construction contractors managing talent efficiently amid the highly competitive market?   
VoteYes -- most are
VoteYes -- some are
VoteNo
VoteNot sure
  
  
Your task is not to foresee the future, but to enable it.
Antoine de Saint-Exupery,
writer
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About NASBP
Founded in 1942, NASBP is the association of and resource for surety bond producers and allied professionals. NASBP producers specialize in providing surety bonds for construction contracts and other purposes to companies and individuals needing the assurance offered by surety bonds.
 
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National Association of Surety Bond Producers
1140 19th Street, NW, Suite 800
Washington, DC 20036

Phone: (202) 686-3700
Fax: (202) 686-3656

info@nasbp.org
www.nasbp.org
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