繁荣还是萧条？后疫情时代的美国担保市场.pdf

1、Boom Or BustUS Surety Market in a Post Covid WorldPresenters:John Spencer TransReVimal Patel Guy CarpenterModerator:Christian HauprichObjectives:1.Analyze the key principles and components of surety,including its role in risk mitigation,contractual obligations,and financial security2.Compare and con

2、trast surety bonds and P&C insurance3.Discuss the current state of the market including challenges and opportunities4.Reinsurance and its role in the US Surety MarketHistory of Suretyship First reference is found in the Bible Surety came into mainstream in US upon adoption of Miller ACT In 1935 Each

3、 of the 50 states has their own version of Miller ACT Miller ACT requires 100%performance and payment bonds on all state and federal financed projects.Bonds are conditional in nature.“Pay on demand”and percentage bonds are the exception and not the norm Surety bonds are effectively an alternative to

4、 bank letters of credit Surety in the Western Hemisphere$700MM$8.6BB$900MM$1.9BBOther developed marketsJapanItalySouth KoreaDeveloping Markets:China-$750MM alreadyIndia First bonds written in 2023Believe the global premium is between$15BB to$17BB and growingWhat is a Surety Bond?Surety Vs Insurance

5、Whats the DifferenceSurety vs.Insurance Whats the differenceU.S.Surety Industry OverviewU.S.market differs from most of the rest of the world by requiring bonds at 100%of contract valueDistributionBusiness accessed through brokers Specialty agents(National Association of Surety Bond Producers)contro

6、l a significant portion of the business Banks are prohibited from issuing Surety bonds in the U.S.Commercial Contract Transactional Bail The Three“Cs”of SuretyUnlike most insurance underwriters,surety specialist have a personal relationship with the client.Trust amongst all parties is paramount to a