News that the U.S. budget deficit for 2009 could blow out to $1.75 trillion sent U.S. Treasuries lower on Thursday, while fresh steps taken by the British government to shore up the ailing banking sector underpinned European stocks. U.S. stock futures also rose, pointing to a firmer start on Wall Street. General Motors (GM.N), however, reported a deeper-than-expected quarterly ... [full story]
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Marsh, the world’s leading insurance broker and risk adviser, said today that more businesses across Asia are freeing up much-needed capital by switching to surety bonds from bank guarantees. "The credit crisis is forcing companies to come up with alternative capital accessibility strategies, ensuring their banking lines remain as open as possible," said Richard Green, Head of Marsh’s Trade ... [full story]
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Principles on commercial bonds can range from 1-15% of the amount of the bond. However, even a small bond at 15% can be extremely costly. Commercial bond underwriting takes more than just personal credit into consideration. In general, a commercial bond submission must include: a bond application with general information on the principal, business financial statements and or a ... [full story]
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Businesses are forced to look for alternatives as the financial crisis prompts banks to withdraw credit lines and increase the cost of borrowing, says risk adviser Marsh. Asian companies are freeing up much-needed capital by switching to surety bonds from bank guarantees, according to insurance broker and risk adviser Marsh. The move is in response to banks withdrawing ... [full story]
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Marsh, the world's leading insurance broker and risk adviser, said today that more businesses across Asia are freeing up much-needed capital by switching to surety bonds from bank guarantees. "The credit crisis is forcing companies to come up with alternative capital accessibility strategies, ensuring their banking lines remain as open as possible," said Richard Green, Head of Marsh's Trade ... [full story]
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Businesses are forced to look for alternatives as the financial crisis prompts banks to withdraw credit lines and increase the cost of borrowing, says risk adviser Marsh. Asian companies are freeing up much-needed capital by switching to surety bonds from bank guarantees, according to insurance broker and risk adviser Marsh. The move is in response to banks withdrawing ... [full story]
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Marsh, the world's leading insurance broker and risk adviser, said today that more businesses across Asia are freeing up much-needed capital by switching to surety bonds from bank guarantees. "The credit crisis is forcing companies to come up with alternative capital accessibility strategies, ensuring their banking lines remain as open as possible," said Richard Green, Head of Marsh's Trade ... [full story]
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Share prices were lower despite a rebound on Wall Street, as investors were worried that China may report weak economic data for the third quarter, dealers said. China will release third-quarter gross domestic product (GDP) and other data on Monday. The market was also pressured by further falls in metals and resources stocks as commodity prices slumped again ... [full story]
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In a bid to further enhance protection to investors, the Philippine Stock Exchange on Friday announced that it will be raising the required minimum amount of the surety bond posted by brokers. In a statement, the PSE said its board voted in favor of a recommendation by its broker-directors to increase the surety bond from P5 million to P10 ... [full story]
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The Philippine Stock Exchange (PSE) Board of Directors has unanimously approved a recommendation by its broker-directors to require trading participants to double the minimum amount of the surety bond posted by brokers. The bourse said that the approval is conditioned upon the faithful compliance with securities laws, rules and regulations. The PSE’s Market Integrity Board previously endorsed a similar ... [full story]
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A U.S. Census Bureau report placed the value of all commercial/industrial construction projects in 2007 at approximately $673 billion. For many contractors, capturing a share of that work was predicated on their ability to secure a surety bond. According to preliminary estimates by the reinsurance community, approximately $5.3 billion in surety bonds were written in 2007. There are federal, ... [full story]
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When it comes to home remodeling or renovation process going on in few portions of your home, normally the first time a homeowner becomes well-known with the term "surety bond" is when problems with the contractor have come up. It's also a time when the homeowner may find that the general contractor has no liability insurance and now it's the ... [full story]
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When it comes to home remodeling or renovation process going on in few portions of your home, normally the first time a homeowner becomes well-known with the term "surety bond" is when problems with the contractor have come up. It's also a time when the homeowner may find that the general contractor has no liability insurance and now it's the ... [full story]
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When it comes to home remodeling or renovation process going on in few portions of your home, normally the first time a homeowner becomes well-known with the term "surety bond" is when problems with the contractor have come up. It's also a time when the homeowner may find that the general contractor has no liability insurance and now it's the ... [full story]
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Bonds are issued with a fixed, stated interest rate which determines the semiannual interest payment to the bond holder. Those fixed interest payments, payable until the maturity date of the bonds, are constantly valued by the market relative to alternative investments to gain the same income stream. Since the interest payments do not change, the weight of the valuation ... [full story]
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The surety bond industry, a subset of the insurance industry, is about to take a big step towards automation. Since its creation, suretyship has been extremely paper intensive, but a newly established technology oriented surety organization is looking to change that, fast. Enter SuretyBond.org, a software developer with big goals of automating an industry that seems to be dragging ... [full story]
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CNA Surety Corporation announced the appointment of Rosemary Quinn as its Senior Vice President, General Counsel and Corporate Secretary effective April 18, 2008. Ms. Quinn's appointment is expected to be affirmed at the next regular meeting of Company's Board of Directors, scheduled for April 24, 2008. Ms. Quinn, who is 53 years old, has been the Company's deputy General ... [full story]
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Allegheny Casualty Company, International Fidelity Insurance Company, and Associated Bond ("AIA"), representing the largest network of bail agents in the U.S., has selected Utah-based SecureAlert for a new preferred vendor program. SecureAlert, a subsidiary of RemoteMDx, Inc. (OTCBB: RMDX), is a national leader in tracking and monitoring criminal offenders through GPS-enabled technologies. "After conducting extensive research and carefully evaluating ... [full story]
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CNA Surety Corporation (NYSE: SUR: 16.35, -1.65, -9.16%) today reported net income for the fourth quarter of 2007 of $21.9 million, or $0.49 per diluted share, compared to $21.7 million, or $0.49 per diluted share, for the same period in 2006. The current quarter was impacted by additional reinsurance costs that largely offset the impact of higher gross earned premium ... [full story]
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Parana Banco (Bovespa: PRBC4), a private multiple bank focused on payroll-deductible loans and the middle- market segment, announces today its results for the fourth quarter of 2007 (4Q07). Adjusted Net Income reached R$113.5 million in 2007, excluding IPO expenses and including deferred commissions booked directly under shareholders' equity. This result is 117.7% higher compared to 2006. In the fourth quarter, ... [full story]
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A Zanesville man pleaded not guilty to one count of abduction and two counts of child endangering in a Muskingum County Common Pleas court Wednesday. Judge Kelly Cottrill accepted the plea from Joshua N. Skinner, 25, who was indicted by a grand jury last week. Skinner is accused of forcibly taking Gloria Skinner from the parking lot of Bogey's ... [full story]
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Fitch Ratings has assigned an 'AA' rating to the $118.4 million Tennessee State School Bond Authority (the authority) higher educational facilities second-program bonds, 2008 series A. The bonds, which are expected for competitive bid on Jan. 15, mature May 1, 2008-2037, with those bonds maturing on or after May 1, 2017 subject to optional redemption at 100% par. Fitch also ... [full story]
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The construction industry is a very good competitive marketplace. Contractors used to come across several projects that require them for as long as surety bonds guaranteeing their recital of the contract and looking out for sustaining a steady flow of work as well. Surety bonds are required of contractors on public projects let directly by federal, state or local government ... [full story]
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There may have been more than one occasion when you might have had to borrow money from a friend: at the coffee shop, in the office, or even for the cab service. When you run out of money, borrowing is usually your only way out. Juxtaposing the same with big corporations and the federal government, one would find it is ... [full story]
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Surety bond has made remarkable changes in the surety market during these past few years. Nowadays most of the people started realizing the uses and performance of the surety bond. Most of the companies started issuing the surety bond at different types and at different premium value. Surety bonds are issued by the bonding company as per the law, rules, ... [full story]
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Savings bonds are often overlooked by investors searching for that perfect investment; however, savings bonds represent a safe investing vehicle with added benefits that many products don't offer. For those unfamiliar with or needing a refresher on these products, savings bonds are a debt obligation of U.S. government (or some other country's government), and bonds are backed by the ... [full story]
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Have you ever heard co-workers talking around the water cooler about a hot tip on a bond? We didn't think so. Tracking bonds can be about as thrilling as watching a chess match, whereas watching stocks can have some investors as excited as NFL fans during the Superbowl. But don't let the hype (or lack thereof) mislead you. Both stocks ... [full story]
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Looking to increase your single or aggregate bonding limitations? This week we will explore what any contractor can do to wow their bonding company and increase the bond amounts in which they qualify for. What Bonding Companies Want: Bonding companies are guaranteeing your performance. Therefore, they want to feel comfortable that you have the experience and financial means to ... [full story]
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The surety bond market is currently a very conservative market. Contract and commercial bond departments throughout the nation have tightened up their underwriting practices due to enormous loses throughout the industry. Many sureties have had to close their doors, other have had their ratings drop to a level where they can not write the same business they could in years ... [full story]
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Bonds play a major role in todays market. Bonds become more essential in construction industry for completion of their construction projects. Underwriting bonds involve great risk. But the surety company will write these bonds for the benefit of their customers. If bonds have been underwritten, it has following benefits. * The oblige gets a guaranteed performance of the ... [full story]
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In today’s unstable and unpredictable economic climate, surety bonds are extremely important for company owners who wish to ensure that the legal terms of their closed contracts and agreements are properly respected by all parties involved. The practice of establishing surety bonds dates back hundreds of years ago, when such agreements had the role to increase the safety and efficiency ... [full story]
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Surety bond plays a major role in the development of the economy. In every business environment surety bonds are the most needed requirement to fulfill their aspects in a correct form. Nowadays, trends have been changed and people want to compile their requirements legally. So, every obligee requires their business to be done legally. Surety bond explains the essential factors ... [full story]
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