Chubb, The Hartford, Liberty and Travelers Team Up on Surety Tech Launch

Four surety companies—Chubb, The Hartford, Liberty Mutual and Travelers—announced the launch of a technology company that will feature a shared digital infrastructure to advance the surety industry.

According to a brief media statement, the formation of SuretyBind, LLC, will initially focus on two initiatives:

• Creating a data transmission platform that connects sureties, brokers, and other market participants to eliminate duplicative data entry, improving efficiency and data quality.
• Providing leadership and technology to drive digital bond execution, which will streamline the bond process for all parties, improve bond verification, and reduce fraud.

A representative of SuretyBind confirmed that the four sureties have provided the funding, participating as co-owners of the technology company. While they will not be providing any personnel to the technology company, they will also participate in an advisory capacity, sharing their vision for the transmission platform.

Ultimately, they will also be platform users when SuretyBind starts to offer services.

The technology company expects to begin offering its services in 2027.

In the joint statement, Teresa Black, Chubb’s division president, North America Surety; Rick Ciullo, head of Global Specialty’s U.S. retail businesses for The Hartford; Tim Mikolajewski, executive vice president, Global Risk Solutions and president of Liberty Mutual Surety; and Bryce Grissom, senior vice president and head of surety at Travelers said: “As longtime participants in the surety industry, we see this is an opportunity for technology to play a role in improving the processes and delivery of surety products to end customers. SuretyBind stands to serve the interests of all stakeholders by driving industry innovation.”

Participation in SuretyBind will be open to all sureties and brokers in the U.S. surety market.

All SuretyBind activities are conducted under strict antitrust supervision, the announcement said.

The media statement offered an email contact for inquiries: info@suretybind.com.

Source: SuretyBind