Munich Re Specialty offering contract, commercial surety bonds

Munich Re Specialty Insurance Co., the North America specialty property and casualty insurance business of Munich Re Group, said Tuesday it is offering contract and commercial surety bonds.

Available in all 50 U.S. states and Puerto Rico, and sold through retail brokers, single bonds will be issued up to $100 million and aggregate programs up to $250 million. Larger issuances may be available on a case-by-case basis, the statement said Tuesday.

Bonds are available for all contract markets, from small and emerging contractors to larger accounts, including bid bonds, performance bonds, payment bonds and maintenance bonds.

Specific surety bonds offered to both small businesses, individuals and large commercial accounts include license and permit bonds, court and fiduciary bonds, public official bonds, miscellaneous bonds and subdivision bonds.

The business is headed by David Pesce, Munich Re Specialty Insurance head of surety, who joined the company in June 2021 to lead its expansion into contract and commercial surety, the statement said.