Contract Surety Bonds: Understanding Today s Market
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- Anabel Loraine McCormick
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1 Contract Surety Bonds: Understanding Today s Market 2014 Surety Losses & Profitability Loss Ratio 110.0% 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Contract Surety Industry Direct Loss Ratios CY Source: The Surety & Fidelity Association of America Calendar Year 1
2 Surety Losses & Profitability Combined Ratio 170.0% 150.0% 130.0% 110.0% 90.0% 70.0% 50.0% Contract Surety Industry Combined Ratios CY Source: The Surety & Fidelity Association of America Calendar Year Surety in the Early 1990s Strong economy Excess capacity in surety market Low premiums Relaxed underwriting Commercial surety expansion 2
3 Surety in the Early 2000s Sagging economy Significant commercial losses Heavy contract surety losses Increased failure rates Surety in the 2000s Building, heavy/highway, and specialty trade contractors In Business Survivors Failure Rate , , % , , % ,155, , % , , % Source: BizMiner 3
4 Contract Surety Premiums & Losses Source: The Surety & Fidelity Association of America Twelve-Year Experience Summaries ( ) Surety Countrywide (Preliminary) Top 15 Writers of All U.S. Surety Surety & Fidelity Association of America Top 15 Surety Writers 1994 vs ($millions) ($millions) Surety Premium Surety Premium 1 Reliance Travelers TRAVELERS BOND USF&G St. Paul Travelers LIBERTY MUTUAL GRP F&D Zurich ZURICH INSURANCE GRP St Paul Group Travelers CNA INSURANCE GRP AIG AIU Holdings Chartis CHUBB & SON INC GRP Aetna Travelers HCC SURETY GRP Continental CNA HARTFORD FIRE & CASUALTY GRP Fireman's Fund Out of surety INTERNATIONAL FIDELITY INS CO CNA Insurance Companies ACE LTD GROUP Safeco Liberty Mutual RLI INSURANCE GRP Chubb GREAT AMERICAN Hartford LEXON/BONDSAFEGUARD Amwest Gone NAS SURETY GRP Capsure CNA THE HANOVER INSURANCE GRP CIGNA Group ACE CHARTIS GRP 67.0 Companies that are gone in RED Companies that merged or were sold are in BLUE Companies that merger or were sold a second time are in GREEN 4
5 Construction Activity U.S. Census Gains December December 2012 All Construction Public Private Total Construction +7.8% -5.6% +15.0% Nonresidential +1.2% -5.3% +7.6% Lodging +16.1% % Manufacturing -0.7% % Public Safety -12.7% -12.2% - Power +11.2% -6.3% +13.7% Educational -2.2% -6.4% +16.6% Transportation +13.9% +15.6% +10.4% Amusement/Rec -4.3% -1.6% -7.8% Office +16.1% +25.2% -21.4% Highway/Street -4.4% -4.6% - Health care -1.1% +4.1% -3.1% Commercial +3.5% -29.9% +6.6% Outlook for 2013 & Beyond Increased risk for owners, contractors & sureties caused by current economy Continued disciplined underwriting, exposure management & project analysis Stabilized capacity & restored profitability Construction investments public or private are unpredictable. 5
6 Outlook for 2013 & Beyond Optimism about surety capacity & demand Small, mega markets may remain tight Surety available for best contractors Marginal contractors have difficulty obtaining bonding More competition, fewer projects Tightened operations for contractors Increase in contractor failures Underwriting The 3 C s: Capital Capacity Character 4 and 5: Continuity Contracts 6
7 Underwriting Capital Financial statements Indemnity Working capital Work-in-progress Underwriting Capacity Resumes Contingency plan Business plan Equipment 7
8 Underwriting Character Reputation Relationships References Bond Premiums Contractor Size Geographic Area Premium Type of Construction Still a Bargain Pennies on the dollar 8
9 Capacity Small ( < $50 M) Medium ($100 M) Jumbo ( > $500 M) Multiple sureties Competitive Surety Market Joint ventures Partial bonds SBA Program Capacity Small ( < $50 M) Medium ($100 M) Jumbo ( > $500 M) Multiple sureties Competitive Surety Market Joint ventures Partial bonds SBA Program 9
10 Claims Severity & Frequency of Claims Advice for Today s Contractors Know rights & responsibilities Stay within capabilities Manage growth & overhead Learn why contractors fail 10
11 Advice for Today s Contractors Communicate Prepare for economic recovery Advice for Today s Contractors Contract terms Bond forms Construction CPA Adjust overhead Bank line of credit Conserve capital Bond subcontractors Qualify the surety 11
12 Advice for Today s Contractors Producer Contractor Underwriter Advice for Today s Contractors Producer Contractor Underwriter 12
13 For More Information Stuart O Farrell Principal, Surety Account Executive saofarrell@psfinc.com NASBP.org SIO.org 13
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