U.S. Treasury Increases Main Street America’s Surety Bond Capacity to $93.4 Million

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 $93.4 million. The super-regional property/casualty insurance carrier’s previous capacity was $90.5 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 $1.04 billion, total assets of $2.4 billion and net written premium of nearly $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 is well established as a stable and consistent partner to independent insurance agents and their customers,” said Brian Beggs, vice president/head of Main Street America’s bonds operation. “Our increased U.S. Treasury bond capacity, as well as A.M. Best’s recent affirmation of our strong financial ratings, is a direct result of Main Street America’s disciplined focus on sustainable, profitable growth with our independent agent partners.”

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. This includes the recent expansion of its surety business into Louisiana and Mississippi. 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 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 processing system. The system was designed for maximum ease of use, enabling Main Street America’s network of 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 nearly $1 billion in premium written exclusively by more than 3,000 independent insurance agents, the 92-year-old company insures over 650,000 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 $1.04 billion in surplus (capital) and $2.4 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 consumer agent portal and the Insurance Institute for Business & Home Safety (IBHS) Research Center. For more information about Main Street America, please visit our newsroom at news.msagroup.com or connect with us on Facebook at www.facebook.com/MainStreetAmerica.

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The Main Street America Group

Mark Friedlander, 904-380-7461

[email protected]

Source: The Main Street America Group