Posted by Darrel Lamb, CPCU, AFSB, for OldRepublicSurety
- It’s really old
Not only was surety mentioned in the ancient Code of Hammurabi (circa 1754 BC), it is mentioned in the Bible and in The Quran. Ancient Roman ordinances required surety for the construction of buildings, walls and highways. Corporate surety as we know it today began in the United States in the late 19th century.
- It’s big.
The surety industry currently provides over $9 Trillion dollars of protection. Direct written premium each year is over $6 Billion.
- It’s also small.
While there are over 100 surety carriers, the top six carriers write approximately 52% of the market share. The top 15 carriers write 70% of the market share.