JACKSONVILLE, Fla.--(BUSINESS WIRE)--The U.S. Department of the Treasury has raised The Main Street America Group’s NGM Insurance Company’s single surety bond capacity threshold to $98.6 million. The super-regional property/casualty insurance carrier’s previous capacity was $93.4 million.
The Treasury Department’s expansion of Main Street America’s surety bond capacity reflects the company’s strong financial position which includes surplus of $1.1 billion, total assets of $2.5 billion and net written over $1 billion. Additionally, global rating agency A.M. Best recently affirmed Main Street America’s “A” (Excellent) Financial Strength Rating and “a+” Issuer Credit Rating, with a Stable Outlook.
“The Main Street America Group’s surety bond capacity continues to increase each year, reinforcing our position as a well-established surety market for our independent insurance agents and their insureds,” said Nancy Giordano-Ramos, vice president/head of Main Street America’s bonds operation. “We are a stable and consistent partner and our increased U.S. Treasury bond capacity, along with our company’s strong financial position, is a direct result of Main Street America’s underwriting and pricing discipline.”
Main Street America has provided surety and fidelity products to “Main Street” businesses and individuals since 1961 through its network of independent insurance agents and is licensed to issue surety and fidelity products in 47 states and the District of Columbia. Main Street America’s surety operations complement the company’s commercial and personal insurance business to provide a full line of protection products for individuals, families and small businesses across the country.
Main Street America’s surety bond offerings include:
- Contract surety bonds.
- Commercial surety bonds ranging from small license and permit bonds and public official bonds to larger bonds covering service and supply obligations.
- Fidelity bonds, including a commercial crime policy that covers robbery, burglary and depositor’s forgery.
Independent agents can order and process the company’s commercial bonds quickly and easily through its proprietary, state-of-the-art Main Street Station bonds processing system. The platform was designed for maximum ease of use, enabling Main Street America’s network of independent agents to write bonds at their desktops in just a few minutes.
About The Main Street America Group
With roots dating back to 1923, The Main Street America Group is a mutual insurance holding company which writes business through its nine property/casualty insurance carriers: NGM Insurance Company, Old Dominion Insurance Company, Austin Mutual Insurance Company, Grain Dealers Mutual Insurance Company, Main Street America Assurance Company, Great Lakes Casualty Insurance Company, MSA Insurance Company, Spring Valley Mutual Insurance Company and Main Street America Protection Insurance Company. Based in Jacksonville, Fla., Main Street America offers a wide range of commercial and personal insurance, as well as fidelity and surety bond products, to individuals, families and businesses throughout the United States.
With more than $1 billion in premium written exclusively by 2,500 independent insurance agents, the 93-year-old company insures 600,000 policyholders in 36 states and writes bonds in 47 states and the District of Columbia. A.M. Best Company rates The Main Street America Group with an "A" (Excellent) financial strength rating and “a+” issuer credit rating. The company has $1.1 billion in surplus (capital) and $2.5 billion in total assets.
Main Street America is the founding company partner of Trusted Choice®, the global branding program of the Independent Insurance Agents & Brokers of America. Main Street America is also a founding company partner of the TrustedChoice.com agency referral platform and the Insurance Institute for Business & Home Safety (IBHS) Research Center. For more information about Main Street America, please visit our newsroom at http://news.msagroup.com or connect with us on Facebook at www.facebook.com/MainStreetAmerica.
