Core Specialty Insurance and its subsidiaries have concluded the acquisition of American Surety Company and Underwriters Surety.

Announced on 1 November 2023, the deal has resulted in the formation of a Surety Division with two initial product lines – bail bonds and commercial surety bonds.

This division becomes the 17th specialty business unit under Core Specialty’s umbrella, enhancing its bond, credit and guarantee offerings.

American Surety will continue to operate under its existing brand. The company also retains its management team and its operational bases in Indianapolis, Indiana, and Peoria, Illinois.

The acquisition was made in stock and cash, providing American Surety shareholders the opportunity to earn additional shares of Core Specialty.

The future share distribution to American Surety shareholders will be contingent on the financial performance of the bail bonds and commercial surety bonds product lines over the next five years, post-acquisition.

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Tim Martin has been appointed as Core Specialty’s Surety Division president.

With a four-decade-long career in the industry, Martin earlier served as Great American Insurance Company’s bond division vice-president, managing claims handling and underwriting assistance services.

Martin’s career also includes 24 years in legal practice, focusing on surety and fidelity claims investigation and litigation, and an early tenure as a senior bond underwriter at Reliance Insurance Company.

Core Specialty founder, president and CEO Jeff Consolino said: “Completing the acquisition of American Surety advances our goal of becoming the leading specialty insurer by adding our 17th specialty business unit.

“The surety market included approximately $10bn in direct premiums written in 2023. We believe that the surety market represents a highly attractive market segment for us to enter given its strong underwriting profitability over time and barriers to entry.

“We welcome the American Surety team, and under Tim’s leadership we look forward to adding contract surety capabilities to further build our surety business.”