Press release
Surety Market to Reach US$ 25.18 Bn by 2027 - Crum & Forster, CNA Financial Corporation, American Financial Group, Chubb, The Hartford
Surety Market
Top dominating key players involved in this market are Crum & Forster, CNA Financial Corporation, American Financial Group, The Travelers Indemnity Company, Liberty Mutual Insurance Company, The Hartford, HCC Insurance, Holdings, Chubb, AmTrust Financial Services, and IFIC Security Group.
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The gaining popularity of PPP (public private partnership) in both developed as well as emerging economies worldwide is one of a major driver for surety market. Infrastructure investment and development are the main concern for governments across the world. With increasing urbanization, the emerging economies are witnessing a need to develop their critical infrastructure, while developed economies are in need to expand or reconstruct their existing infrastructures.
The enduring evolution in PPP model is noticed with increased demand for infrastructure development as well as growing fiscal constraints, to support governments’ to fulfill these escalating infrastructure challenges. For instance, EU member countries have aided wide-ranging pan-national initiatives to enhance the adeptness of PPP financing, which include measures such as the Europe 2020 Project Bond Initiative. This initiative is intended to allow eligible infrastructure project developers; generally, PPP, to attract private finance from institutional investors including insurance companies as well as pension funds.
Slower Growth of Surety Market due to COVID-19 Outbreak
The recent outbreak of the COVID-19 has significantly affected the world and is continuing to shatter several countries. The construction industry across the world was witnessing significant growth prior to the emergence of COVID-19 in late 2019. The outbreak of COVID-19 has led the construction industry players to temporarily call off their respective projects. The unprecedented impact of COVID-19 and uncertainty in economic conditions of developedand developing countries, the construction industry is expected to witness a slower growth till 2021. Attributing to the fact that surety market is heavily driven by construction industry, the slowdown in growth of construction industry is reflecting downfall in surety market globally.
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Strategic Insights
The players in the surety market focus on strategies such as mergers, acquisitions, and expansion to newer geographiesto maintain their positions in the market. A few developmentsby key players are listed below:
In 2019,Liberty Mutual Insurance Company entered into an agreement to acquire the global surety and credit reinsurance operations of AmTrust Financial Services, including AmTrust Surety, AmTrust Insurance Spain, Nationale Borg, and Nationale Borg Reinsurance. The company believes that this acquisition strengthens its global surety, reinsurance expertise, market leadership, and geographic scope.
In 2018, CNA Financial Corporation opened its new global headquarters in Chicago; this relocation aimed to help the employees to connect all that CNA has to offer its customers.
In 2018, American Financial Group announced entering into an agreement to acquire ABA Insurance Services Inc. for approximately US$ 28 million. This acquisition is aimed to strengthen the position of the company in the surety market
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