If you have an active bond with North American Specialty Insurance Company (NAS) or Washington International Insurance Company (WIIC) you may have received a name change rider for your bond. Swiss Re Corporate Solutions sent these riders to you, the principal of the bond, as well as the obligee (the state regulators for your license or permit) and us at Surety Solutions, A Gallagher Company.
In 2021, Swiss Re Corporate Solutions announced its plan to streamline the legal entity structure of its North American business. With these announced changes, they have redomiciled their state of incorporation from New Hampshire to Missouri. Additionally, Swiss Re Corporate Solutions’ flagship North American insurance carrier, known as Westport Insurance Corporation (“Westport”), is now North American Specialty Insurance Company (“NAS”).
Due to these changes, the following carriers have changed their names:
The rider the surety has sent serves as an amendment to your active surety bond. With the rider, your bond remains active without having to replace it with a new bond.
Swiss Re Corporate Solutions’ goal is to cause as little disruption to you as possible. Therefore, they have also sent your bond rider to us at Surety Solutions, A Gallagher Company and the obligee (the state regulators). This rider’s purpose is to update the name of the writing company on your bond. Your bond number and term length will remain the same. Additionally, the surety does not require new indemnity agreements to be signed. So, at this time you don’t have to do anything with your rider, aside from keeping it in your records.
Swiss Re Corporate Solutions officially changed the name of these entities on April 29th, 2022.
They made this change to streamline the legal entity structure of their North American business. These name changes align with the Swiss Re brand.
Swiss Re has sent out riders on all active bonds written on NAS and WIIC paper. These riders were sent out to you, the principal, as well as to the obligee and our team.
The surety is handling the issuance of all riders to ensure as little disruption to you as possible. Please keep the rider you receive in your records. The state regulators for your license/permit will receive a rider from the surety.
The only change being made to your bond is the name of the writing company. Your bond number and term length will not change.
No, you will not need to sign a new indemnity agreement. The surety will rely on existing indemnity agreements that cover these entities and will not require you to sign new agreements.
If a change is needed on your surety bond, you may purchase a bond rider to amend the original document. Read more…
Depending on the risk involved with the surety bond you require, you may need to sign an indemnity agreement. Read more…
While searching for a surety bond, ensure the surety company you agree to work with is able to deliver on their services. Read more…