AUSTIN, TEXAS (January 14, 2002) Four former members of CNA
Surety Corp.’s Austin surety underwriting office have joined SureTec Insurance
Company.
‘We are very pleased to join the SureTec team," said
Bob Cave, a senior surety underwriter. "The surety professionals joining
SureTec bring over 50 years of experience and relationships with Texas bond
producers, agents, and their clients. With the resources of SureTec, we will be
able to give those agents and their customers with an even higher level of
service."
Cave is joined by Paul Robinson, Kim McConnell, and April Cox,
all veterans of the surety underwriting process.
Steve Nelson, former CEO of Austin based Faulkner Construction
Company, opened SureTec’s Austin Office in March, 2001. "The market for
contract surety bonds was very soft for most of last year. That has now
changed," he said. "It now makes sense for us to tackle the market we
know best, namely the market for contractors and subcontractors with annual work
programs under $ 5 million. That is precisely what Bob Cave and those who
followed him from CNA have done so well for many years and will now do with
us."
John Knox, CEO of SureTec, describes the market for contract
bonds for contractors of that size as "underserved." "While there
are many sureties competing for contractor business, we are the only one focused
entirely on the Texas market. We have re-assembled a team that first worked
together in the 80’s to serve the small to medium size contractor, or the
contractor of any size that infrequently requires bonds. The bond producers who
know us will realize that we are back and ready to do it again."
SureTec Insurance Company, a Texas domiciled insurance
company, is a subsidiary of SureTec Financial Corp. of Houston and Austin.
SureTec writes performance and payment bonds which assure the performance of a
contractor or subcontractor on a construction project. Such bonds are required
on all public work, and frequently used on private commercial construction
projects and by general contractors seeking assurances of subcontractor
performance.
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