Report Released on Top Surety, Fidelity Insurers

The Washington, D.C.-based Surety and Fidelity Association of America has released a report of the top 100 writers of surety and fidelity during 2007.

The overall surety results compared to the prior year show an 8% growth in written premiums to $5.4 billion with a slighter higher, but still outstanding loss ratio of 18.9%. The overall total for fidelity of $1.3 billion in written premium with a loss ratio of 36.4% was virtually unchanged from 2006 results.

Based on preliminary estimates, 2007 was a profitable year for the surety industry, with a combined operating ratio of 67.2%. The surety combined ratio was 89.1% in 2005 and 66.8% in 2006. The past three years of profits come after several years of record losses in 2000-2004. The fidelity line also showed a profitable year with a combined ratio of 76.2%.

With Liberty Mutual’s recent acquisition of Safeco, the largest five surety and fidelity writers would be the following if there were no change in premium volume:

Surety: Travelers, $1.02 billion; Liberty Mutual, $765 million; Zurich, $449 million; CNA, $436 million; and Chubb, $304 million. Fidelity: Chubb, $308 million; AIG, $244 million; Travelers, $188 million; Zurich, $106 million; and CUNA, $102 million.

Construction Quality, Safety Honored in Northwest Indiana

Northwest Indiana’s contractors and subcontractors were recently recognized for achievements in safety, craftsmanship and innovation at the 2008 Northwest Indiana Construction Awards Banquet.

The Northwest Indiana Business Roundtable and the Construction Advancement Foundation honored the projects and companies that reflected quality and safety in 2007.

• Commercial Project of the Year: Fountainview Professional Center (Hasse Construction Co. Inc.)
• Industrial Project of the Year: 2007/2008 Turnarounds & Turnaround Capital Projects (Regional Contractors Alliance)
• Public Works Project of the Year: Little Calumet River Overflow Sewer Project (Grimmer Construction Inc.)
• Commercial Contractor of the Year: Tonn & Blank Construction
• Industrial Contractor of the Year: Aker Construction, Inc.
• Subcontractor of the Year: Security Industries Inc.

Nearly 700 owners, contractors, subcontractors, architects, construction officials and economic development leaders attended the event.

The CAF promotes union construction, and the NWIBRT promotes the improvement of construction and maintenance projects in northwest Indiana.

CSI Reaches Out to Young Professionals

The Alexandria, Va.-based Construction Specifications Institute recently announced that it is creating a new group to support young professionals in the design and construction industry.

CSI’s Emerging Professionals group will provide recent college graduates and new professionals with networking, mentoring and leadership development opportunities.