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Munich Re Specialty Insurance Introduces Two Surety Solutions
Bolstering the offerings it provides to a wide-ranging customer base, Munich Re Specialty Insurance (MRSI) is now offering Contract and Commercial surety bonds. This marks Munich Re’s initial foray into these primary surety markets, as the company has been a longtime provider of U.S. Customs Bonds and surety reinsurance.
Available in all 50 U.S. states and Puerto Rico – and sold through MRSI’s retail broker partners – the bonds are backed by Munich Re’s financial strength, underscored by a U.S. Treasury Listing of USD 429 million. Single bonds will be issued up to USD 100 million and aggregate programs up to USD 250 million. Larger issuances may be available on a case-by-case basis.
“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. “Along with our team of specialized, responsive professionals, I look forward to addressing the needs of all those who will be utilizing these bonds.”
Pesce added, “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.”
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