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The report said the bail system costs taxpayers far less. As Florida lawmakers consider expanding pre-trial release programs, a new University of Tampa study suggests that the cost could be prohibitive. David Krahl, assistant professor of criminology and criminal justice, said sticking with bail will save the justice system considerable dollars. His study shows surety bonds cost the state almost nothing. Other forms of unsecured pretrial release, meanwhile, cost more than $95 million over a three-year period. “The notion that large numbers of defendants are languishing away in jail simply because they cannot afford the cost of a surety bond to secure their pretrial release is sheer fiction,” Krahl said. The professor presented his findings last month to the Professional Bail Agents of the United States. Now, bail bondsmen in Florida are pointing to the data as one more sign that reform remains unnecessary. But state Sen. Jeffrey Brandes, a St. Petersburg Republican, disagrees. He continues to make the case for pre-trial release. His legislation (SB 534) already passed through the Senate Criminal Justice Committee unanimously. It now heads to Appropriations Subcommittee on Criminal and Civil Justice. Brandes has maintained establishment of a supervised bond program will allow law enforcement to manage jail populations. It will also allow incarcerated individuals to return to families and jobs faster. “It will be a great tool for everybody,” Brandes said. “It will help sheriffs manage jail populations, and it will help individuals get back to life quicker.” That also means less will be spent on bail bonds, which brings obvious financial consequence for the industry. But bail bondsmen say it’s not just self-interest driving their opposition. In fact, they say bail continues to be the best option for many low-level offenders. https://floridapolitics.com/archives/291696-university-tampa-pre-trial-release291696

By the end of 2018, the construction and surety industries remained robust and resilient. For most contractors, backlogs are as strong as they have been in over a decade, margins have returned to pre-recession highs and work is abundant. For surety companies, profits are at an all-time high, loss margins remain low and demand for bonding, along with total spending in the building industry, continues to grow across the nation. According to the U.S. Census Bureau, total construction spending in 2017 was $1.24 trillion and is expected to grow to over $1.35 trillion by the end of 2018. Along with construction spending, the surety industry’s historic results have continued to improve. Since 2012, the direct written premium for the industry has grown from $5 billion to over $6.2 billion at the end of 2017, an increase of over 23 percent. And the industry does not appear to be slowing down any time soon, with projected direct written premiums of more than $6.5 billion in 2018. The continued results and positive forecast for both underwriters and contractors have many wondering, “When is the market going to reach its boiling point and how do I prepare for the inevitable decline?” Many subcontractors, overextended with work opportunities and thin on resources, have started to show signs of struggling and an increase in defaults. This growing frequency of subcontractor defaults has resulted in some of the industry’s largest sureties experiencing significant general contractor failures domestically and internationally. Rather than speculate, surety reinsurers are beginning to institute firmer underwriting compliance standards for front-line sureties. In response, surety underwriters are depending even more on their clients and agents to proactively manage their operation and risks associated with growth in an expanding economy. “Best-in-class” contractors are using the market’s positive growth and outlook to focus on what they do best and intelligently grow their backlogs, rather than over extending themselves by taking on work far outside their abilities and capacity. As growth continues, three main questions continue to be at the top of all contractors’ and underwriters’ minds: labor shortages, material costs and governmental policies. CONTINUING LABOR SHORTAGES The ability to attract and retain skilled labor is the number one concern of general contractors, subcontractors, suppliers and vendors. Although the quantity of skilled labor has increased in recent years, it has not kept up with the increase in construction spending. As a result, the industry is experiencing one of the largest labor shortages in history. The 2008 recession saw backlogs shrink and contractors were focused on managing overhead and ensuring sustainability. To survive, many had to make difficult decisions to lay off key employees, opting to keep only the most vital roles filled. Many of the employees who were laid off were unable to find work and forced to retire or seek employment in other industries. At that time, training and developing the construction industry’s future work force and leaders were non-existent. In addition, high schoolers became more focused on four-year college placement as opposed to joining the workforce immediately upon graduation or learning a trade. Today’s contractors are feeling the long-term effects of this mass exodus in the construction labor market and, now with demand at an all-time high, contractors simply don’t have the supply of skilled labor to match the need. The year 2018 marked that largest gap in growth between new construction employment and construction spending since post-recession. Read More … http://constructionexec.com/article/surety-outlook-2019-the-peak-of-the-cycle

AmTrust Financial Services; Crum & Forster, American Financial Group; The Travelers Indemnity Company; Liberty Mutual Insurance Company Surety Market report aims to provide a 360-degree view of the market in terms of cutting-edge technology, key developments, drivers, restraints and future trends with impact analysis of these trends on the market for short-term, mid-term and long-term during the forecast period. Further, the report also covers key players profiling with detailed SWOT analysis, financial facts and key developments of products/service from the past three years. Global surety market is expected to grow from US$ 15.33 Bn in 2018 to US$ 28.77 Bn in 2027 at a CAGR of 7.5% between 2019 and 2027. The report aims to provide an overview of the global surety market with detailed market segmentation. Also, it analyzes the current surety market scenario and forecasts the market till 2027. The report covers market dynamics affecting the surety market during the forecast period. Furthermore, the report analyzes the competitive scenario, geographic trends, and opportunities in the surety market with respect to all geographic regions. The report also includes the detailed company profiles of the key players in the surety market along with their market strategies. The report also provides the SWOT analysis for all company profiled in the report. Request Sample Copy is Available at: bit.ly/2Sug3do The report enables you to: Formulate significant competitor information, analysis, and insights to improve R&D strategies Identify emerging players with potentially strong product portfolio and create effective counter strategies to gain competitive advantage Identify and understand important and diverse types of Surety under development Develop market entry and market expansion strategies Plan mergers and acquisitions effectively by identifying major players with the most promising pipeline In-depth analysis of the product’s current stage of development, territory and estimated launch date Surety market is experiencing good growth across all the geographical regions of the globe, with the increasing demand for infrastructural development as well as residential construction. Furthermore, the rising adoption of public-private partnership model is another factor fueling the growth of the market. The major companies operating in the surety market include AmTrust Financial Services, Inc.; Crum & Forster; CNA Financial Corporation; American Financial Group, Inc.; The Travelers Indemnity Company; Liberty Mutual Insurance Company; Hartford Financial Services Group, Inc.; HCC Insurance Holdings; IFIC Surety Group; and Chubb Limited among others. The report focuses on an in-depth segmentation of the Surety market based on bond type. The geographic segmentation of the report covers five major regions including; North Americas, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America (SA). The regional market has been further bifurcated by respective countries. By bond type, contract surety bond accounted for the largest share of the surety market in 2018. Don’t miss out on business opportunities in Surety Market. Speak to our analyst and gain crucial industry insights that will help your business grow. Currently, the surety market penetration rates in the North America region is higher than any other markets across the globe. This is attributed to most of U.S. State governments’ laws that mandate surety bonds. Both the U.S. and Canada Surety markets are majorly ruled by insurers, while banks also play a significant role. However, SAM and APAC region are anticipated to grow at the highest CAGR. Read More… https://www.openpr.com/news/1578564/Surety-Market-to-Achieve-Significant-Growth-in-the-Near-Future-AmTrust-Financial-Services-Crum-Forster-American-Financial-Group-The-Travelers-Indemnity-Company-Liberty-Mutual-Insurance-Company.html

DES MOINES, Iowa — Iowa Attorney General Tom Miller is busy making sure Iowans know a scam when they see one. Miller is cracking down on contractors. He proposed a new law that would require contractors to have a $75,000 bond they would pay customers if they fail to complete a job properly. The Attorney General’s office says the number of complaints against contractors rose 28 percent in the last year alone. The Attorney General isn’t only cracking down on contractors. Miller also wants to find out if you or someone you know has received a postcard that he says is not from the federal government. The cards were sent to more than 61,000 Iowans. There’s a picture of the US Capitol on it. It’s stamped “official business” and promises free government benefits. But, it’s actually an insurance pitch. The Missouri company who mailed the cards has been ordered to stop. The company also has to pay a $5,000 fine. https://www.kcci.com/article/brewery-gaining-national-attention-for-infusing-native-american-roots-in-beers/26304952