NU Online News Service, April 20, 2:39 p.m. EST
Liberty Mutual Surety announced it has created Liberty SuretyFirst as its new operating unit exclusively serving independent agents whose customers have small to mid-sized bonding capacity needs.
It explained that its new operation combines the small contract, commercial and fidelity bond underwriting field services and technology of Liberty Mutual Surety and the formerly acquired Safeco and Ohio Casualty Group surety operations.
Fairfield, Ohio-based Liberty Mutual Surety is a Liberty Mutual Agency Markets specialty company.
The firm said Liberty SuretyFirst will provide local flexibility and service orientation of a regional surety with the capacity and national resources of Liberty Mutual Surety, the nation's second largest surety operation.
"Recognizing that the underwriting and marketing viewpoints for small to mid-sized businesses are unique, Liberty SuretyFirst will be a cohesive, agent and customer-oriented service organization specifically dedicated to this market," said Tim Mikolajewski, president and chief executive officer, Liberty Mutual Surety.
He explained that, "With Liberty Mutual Surety focusing on customers and agents with middle to large market bonding needs, we've given our agents a single home to seamlessly grow the bond needs of any customer from first bond to multinational work programs."
Senior Vice President Lloyd Geary was named to head Liberty SuretyFirst. Previously Mr. Geary oversaw the Liberty Agency Underwriters bond division.
The company said Liberty SuretyFirst "has a broad underwriting risk appetite for contract and commercial surety and small fidelity products without account minimum premium requirements."
Focused product segments include:
Contract: General Contractors, Heavy Contractors, and sub-trades with work programs of up to $15-$25 million;
Commercial: Probate and Public Official up to $50 million, Court, License & Permit, Program Business, and Miscellaneous bonds for businesses and individuals, on both an account or transactional basis, with aggregate capacity up to $10 million;
Fidelity: Up to $500,000 single bond capacity for fidelity, ERISA, and Business Service bonds.
Liberty SuretyFirst agents will have access to Surety Online and BEST (Bond Execution System Technology), which the company said will "provide greater efficiency and accuracy in workflows and reduce transactional costs related to issuing bonds."
It was explained that with a unique I.D. sign-on to BEST, agents can issue and report bonds within their authority automatically to their local Liberty SuretyFirst Bond Service Center. BEST automatically issues a bond number and an agent's bond-specific power-of-attorney.
Surety Online was further described as a quote and issue rules-based underwriting platform for small commercial obligations under $100,000 including: License and Permit; Notary; Public Official; ERISA; and Business Services bonds. Surety Online has an automated bond-specific power of attorney, allows for bonds to be e-mailed to the client, and offers direct and credit card billing. Agents can also complete renewal payments, name changes, and cancellations for more than 3,000 bond classifications.
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