Knight Management Company (KMC) has agreed to provide paper to write reclamation, commercial, and contract surety to Triangle Surety Agency (TSA) and provide access to KnightBrook Insurance Company (KBIC) paper.
Triangle Surety will act as the program administrator for the program which aims to approximately double the amount of business First Surety will be able to write in the next 12 months.
KMC has given First Surety the authority to issue bonds on its behalf in 18 states.
John Jacobs, Founder and Chief Executive Officer, Jacobs Financial Group, commented, “We look forward to working with Knight, an Insurance Company specializing in Surety. Their vast knowledge in the surety business speaks volumes. First Surety is eager to introduce its clients to Knight.
“Stonybrook was the utmost professional broker throughout the entire transaction and we remain impressed with the depth and breath of resources the Firm can bring to the table time, and time again.”
First Surety is also providing a 90% quota share reinsurance agreement with KBIC. Delaware-domiciled, KBIC is KMC’s admitted insurance company, licensed to write P&C business in 49 states and Washington D.C. with an AM Best rating of “A-“ Excellent. This rating can be attributed to KBIC’s strong underwriting guidelines and organic surplus growth through new and remaining businesses.
Stonybrook Capital & Risk Management was the exclusive intermediary for the transaction and led all structuring efforts and negotiations.
Paul Dzielinski, Partner and Managing Director, Stonybrook Capital & Risk Management, said, “We were very pleased by the responsiveness and professionalism of the Knight team. They were able to quickly realize the benefits of this business relationship with First Surety and they worked with us efficiently to enable a quick launch of this program.”
First Surety is a West Virginia-domiciled P&C Company with licenses in four states, and a subsidiary of Jacobs Financial Group, which also owns 100% of Triangle Surety Agency, the general agent for First Surety.
Michael Pepitone, Senior Head of Property & Casualty Underwriting Practice, KMC, said, “We welcome the relationship. The Jacobs Financial Group and Triangle Surety are financial specialists with excellent service to their clients.”
