Reinsurance News

Munich Re Specialty offering Contract & Commercial surety bonds

5th May 2022 - Author: Jack Willard

Munich Re Specialty Insurance (MRSI), a division of German reinsurance giant, Munich Re, has announced that it is offering Contract and Commercial surety bonds.

Munich ReThe bonds will be available in all 50 US states and Puerto Rico, and will be sold through MRSI’s retail broker partners.

In addition, the bonds are backed by Munich Re’s financial strength, underscored by a US Treasury Listing of USD 229 million. Single bonds will be issued up to USD 100 million, and aggregate programs up to USD 250 million.

The bonds are available for all contract markets, from small and emerging contractors to larger accounts, including bid bonds, performance bonds, payment bonds and maintenance bonds.

“Our surety bond offerings address the needs of a wide range of our clients, all of whom continue to operate in a dynamic market environment,” said David Pesce, MRSI’s Head of Surety, a 35-plus-year surety executive who joined MRSI in June 2021 to lead the company’s expansion into Contract and Commercial surety.

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“Along with our team of specialized, responsive professionals, I look forward to addressing the needs of all those who will be utilizing these bonds.”

He continues: “Unlike some companies in the surety market, we empower our underwriters to be nimble in the market, while they execute our underwriting strategy. This results in faster, better decisions for brokers, enabling them to better serve their clients.”

MRSI CEO, Michael Kerner, commented: “Adding Contract and Commercial surety bonds into the MRSI fold enables us to help more clients manage their risk. David and his team are surety experts, and we look forward to them going to market as part of MRSI and seeing them grow this increasingly important part of our business.”

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