Core Specialty completes acquisition of American Surety Company

Property and casualty (P&C) insurer Core Specialty has completed its acquisition of American Surety Company (ASC) and Underwriters Surety, Inc.

core-specialty-logoIf you recall, the acquisition was first announced in November 2023.

The completed acquisition establishes Core Specialty’s 17th specialty business unit, adding to the Bond, Credit & Guarantee subsegment, and also includes a Treasury-listing providing access to additional bonding opportunities.

In addition, American Surety will now become the new Core Specialty Surety Division with two initial product lines: bail bonds and commercial surety bonds.

40-year industry veteran, Tim Martin has been announced as President of the Surety Division.

Throughout the last 10 years, Martin has served as Vice President, Bond Division of Great American Insurance Company, before retiring.

During his time serving in that role, he provided management, claims handling, and underwriting assistance services.

Prior to that, he spent 24 years in the practice of law concentrating in the areas of surety and fidelity claims investigation and litigation.

It has also been confirmed that American Surety will retain its brand, management team and operating locations in Indianapolis, Indiana and Peoria, Illinois.

Furthermore, the business was reportedly acquired for stock and cash with American Surety shareholders given an opportunity to earn additional shares of Core Specialty.

However, it should be noted, that the number of shares received by American Surety shareholders will depend upon the financial performance of the bail bonds and commercial surety bonds product lines during the five years following closing.

Jeff Consolino, Core Specialty’s Founder, President, and Chief Executive Officer, commented: “Completing the acquisition of American Surety advances our goal of becoming the leading specialty insurer by adding our 17th specialty business unit. The surety market included approximately $10 billion in direct premiums written in 2023.

“We believe that the surety market represents a highly attractive market segment for us to enter given its strong underwriting profitability over time and barriers to entry. We welcome the American Surety team and under Tim’s leadership we look forward to adding contract surety capabilities to further build our surety business.”

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