Discover the future of surety bonding with Seubert’s virtual spring panel led by Will Chapman (Sr. Vice President of Surety & Head of Surety), Richard Zimmerman (Surety Producer), Matt Eperesi (Sr. Surety Account Manager), and Josh Restuari (Surety Account Executive). In this session, our team recaps key insights from the 2024 NASBP (National Association of Surety Bond Producers) Annual Meeting and discusses how your business can stay ahead of the curve with seasonal market outlooks that offer a glimpse into current industry trends.
The panel started with a recap of the NASBP Annual Meeting highlights, spotlighting areas of opportunity within the industry. From there, the discussion veered into the realm of innovation, exploring the potential of blockchain technologies through the RiskStream Collaborative.
One key takeaway was the shifting landscape of construction trends towards private equity and its consequential impact on underwriters. The panelists also dissected the results of increased loss activity and severity of claims from 2023, shedding light on the industry’s resilience despite challenges in the reinsurance market.
Contractors seeking continued success were advised to consider various factors, including partnering with professionals for guidance and understanding the nuances of aggregate limits or “backlog.” Insights into regional construction markets, such as Florida’s compared to the rest of the country, provided valuable context for industry players.
Amidst common challenges faced by contractors, the panel emphasized the importance of a proactive bonding program for growth opportunities in 2024 and beyond. Regional disparities, such as those observed in Pittsburgh’s large-scale construction projects, were also explored, underscoring the importance of working with seasoned, professional surety agents.
For those who missed the session, here are some highlights:
- Highlights from the NASBP Annual Meeting, including areas of opportunity
- Innovations with the RiskStream Collaborative and blockchain technologies
- Construction trends towards private equity and the impact with underwriters
- Results of increased loss activity and severity of claims from 2023
- Explanation for the industry’s profitable year despite the reinsurance market losing money
- What should contractors consider in the coming years for continued success
- Importance of partnering with professionals that can provide guidance for growth
- Understanding the components of an aggregate limit or “backlog” and how to improve
- Insight into the Florida construction marketplace compared to the rest of the country
- Common challenges for contractors and the balance sheet impact
- Opportunities for growth in 2024 (and beyond) with a proactive bonding program
- Pittsburgh’s differences in the large-scale construction projects from other regions
- Expectations of working with a seasoned, professional surety agent
Watch the entire panel here, or go to our YouTube and use the video description to jump right to specific topics: https://youtu.be/mbVXZEH9ig0
For more info about Seubert’s events and educational offerings, please visit https://www.seubert.com/blog/ or email [email protected]
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