A total of four insurers have announced the formation of SuretyBind LLC
Four industry-leading surety companies – Chubb, The Hartford, Liberty Mutual, and Travelers – have announced the formation of a new technology company. Dubbed SuretyBind, LLC, the new online platform will feature a shared digital infrastructure to advance the surety industry.
In a joint statement announcing the new project, Teresa Black, Division President, North America Surety, Chubb, Rick Ciullo, Head of Global Specialty’s U.S. Retail Businesses, The Hartford, Tim Mikolajewski, Executive Vice President, Global Risk Solutions and President, Liberty Mutual Surety, and Bryce Grissom, Senior Vice President and Head of Surety, Travelers said: “As longtime participants in the surety industry, we see this is an opportunity for technology to play a role in improving the processes and delivery of surety products to end customers. SuretyBind stands to serve the interests of all stakeholders by driving industry innovation.”
New entity will focus on two main initiatives
According to the announcement, SuretyBind will initially focus on two initiatives:
- Create a data transmission platform that connects sureties, brokers, and other market participants to eliminate duplicative data entry, improving efficiency and data quality.
- Provide leadership and technology to drive digital bond execution, which will streamline the bond process for all parties, improve bond verification, and reduce fraud.
Participation in SuretyBind will be open to all sureties and brokers in the U.S. surety market. The company expects to begin offering its services in 2027.
For inquiries, please email info@suretybind.com.
All SuretyBind activities are conducted under strict antitrust supervision.
SOURCE: SuretyBind
