Most surety companies are departments or subsidiaries of larger insurance companies, representing no more than 2 or 3% of their revenues. This is also true of most insurance agencies and brokerage organizations.
At Technical Assurance, all we do is bonds.
The surety business is very specialized and operates on a completely different business model than insurance. While both may utilize the same distribution system and both are risk transfer mechanisms, surety is not insurance and it requires a completely different set of competencies than insurance. No longer can it be handled passively or merely as a sideline to core practices. It requires a team of professionals with an in-depth understanding of the business including the ability to understand financials, perform the analytics, and to synthesize this information into a forward-looking presentation.
Having committed our resources solely to construction surety bonding insures that each of our associates have a concentrated level of expertise and a single-minded focus on servicing the needs of our clients. This allows us to stay on top of changing market conditions and provide innovative responses to unique industry risks and challenges.