Aug 25, 2026 · 34 min · 12 segments
What if your career path took an unexpected turn, leading to a fulfilling journey in the surety industry? NASBP is excited to continue the series of episodes exploring that question, titled "The…
David PesceGuest
Kat ShamapandeHost
Mark McCallumHost
Well, what got you here? Are there any other trends in surety that, you know, people should be aware of?
I mean, the biggest thing and it's we set this up a few weeks ago and every single meeting I've had here.
And I think there's, A, a lot more of it now, and it's really the result of the economic growth and the sizes of projects and the sizes of backlogs.
right?
So we've had a couple of large claims on shared surety and co-surety programs, and the reinsurance community and others have realized, hey, we didn't know there was that much risk aggregation.
So, you know, to me, I think educating people back again on what they are, what the differences are, right? Co-surity.
Co-surity is where one or more sureties group together and participate on, say, a contractor's program.
But every bond, let's just say you have three sureties, every bond has all three sureties on the face of the bond, joining several.
We pick one person to be the lead surety who manages the account, manages the claims.
There's a lot of transparency, and you need that in contract surety, right? Because payment bond claims alone, handling it could be a pain.
And the commercial, because of the way the claims act and everything, you can do it.
Shared surety is you might have five participants on it, and we each write our own bonds.
And we might even agree to say, listen, I'll write these classes, but not these classes, and someone else will write these.
And again, that works in commercial surety because of the nature of the claims and the claims management.
Well, what got you here? Are there any other trends in surety that, you know, people should be aware of?
I mean, the biggest thing and it's we set this up a few weeks ago and every single meeting I've had here.
And I think there's, A, a lot more of it now, and it's really the result of the economic growth and the sizes of projects and the sizes of backlogs.
right?
So we've had a couple of large claims on shared surety and co-surety programs, and the reinsurance community and others have realized, hey, we didn't know there was that much risk aggregation.
So, you know, to me, I think educating people back again on what they are, what the differences are, right? Co-surity.
Co-surity is where one or more sureties group together and participate on, say, a contractor's program.
But every bond, let's just say you have three sureties, every bond has all three sureties on the face of the bond, joining several.
We pick one person to be the lead surety who manages the account, manages the claims.
There's a lot of transparency, and you need that in contract surety, right? Because payment bond claims alone, handling it could be a pain.
And the commercial, because of the way the claims act and everything, you can do it.
Shared surety is you might have five participants on it, and we each write our own bonds.
And we might even agree to say, listen, I'll write these classes, but not these classes, and someone else will write these.
And again, that works in commercial surety because of the nature of the claims and the claims management.
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