CNA Surety Corporation · Chicago, IL United States ·(NYSE: SUR)
Company Description
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This link will open in a new window If the job doesn't get done, CNA Surety pays the price. One of the largest surety companies in the US, CNA Surety offers contract and commercial surety bonds, which guarantee fulfillment of contracts. The company's Western Surety unit handles fidelity, commercial, and contract bonds and international surety and credit insurance; Surety Bonding, another subsidiary, specializes in commercial and contract bonds to small businesses. Contract surety (for construction contractors) accounts for nearly two-thirds of CNA Surety's premiums. CNA Surety sells its products in all 50 states through a network of independent agents and brokers. CNA Financial owns 62% of CNA Surety. To read the full description, subscribe now.
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Key CNA Surety Corporation Financials
| Company Type | Public - NYSE: SUR Headquarters |
| Fiscal Year-End | December |
| 2008 Sales (mil.) | $477.6 |
| 2008 Employees | 749 |
CNA Surety Corporation Executives
17 executives listed for CNA Surety Corporation's Chicago, IL location.
| Title | Name & Bio | Contact |
| Chairman | David Edelson | Network |
| President, CEO, and Director | John Welch | Network |
| SVP and CFO | John Corcoran | Network |
Competition
Competitive Landscape for CNA Surety Corporation
Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.Top CNA Surety Corporation Competitors
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