Thursday 05 December 2024 - Company news

Tokio Marine HCC retains position as largest partner to U.S. Small Business Administration in record year for Bond Guarantee Program

Houston,TX (December 05, 2024)

Tokio Marine HCC (TMHCC), based in Houston, Texas, is pleased to announce that it has retained its position as the largest partner to the U.S. Small Business Administration (SBA) Surety Bond Guarantee (SBG) Program, following a record year for the organization.

 
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Tokio Marine HCC’s surety bonds are underwritten by American Contractors Indemnity Company, a California-domiciled insurance carrier, United States Surety Company, a Maryland-domiciled insurance carrier, and U.S. Specialty Insurance Company, a Texas-domiciled insurance carrier (collectively, “Tokio Marine HCC – Surety Group”). Combined, Tokio Marine HCC – Surety Group companies have supported the growth of the thousands of small businesses by being a significant contributor to the SBA Bond Guarantee Program’s total volume during 2024.

Support for small businesses is central to Tokio Marine HCC – Surety Group’s business philosophy. As part of this, Tokio Marine HCC - Surety Group companies have, for over two decades, been the largest participant in the SBA’s SBG Program, which provides surety bond guarantees for small businesses on federal, state, local and private construction projects.   

Adam Pessin, President & CEO of Tokio Marine HCC – Surety Group, said: “Small businesses represent the entrepreneurial power of the American dream and supporting them has been key to our strategy since our founding. The SBA’s SBG Program, in partnership with our valued agents and brokers, is one of our many surety bond products we offer, from Commercial (License & Permit) to Contract, Court (Judicial and Probate), Large Commercial, Oil & Gas and Customs.  We are proud of our leading position in the SBA SBG Program and our position as the leading partner on the Program for over two decades.”

Frank Mester, Executive Vice President, Underwriting of Tokio Marine HCC – Surety Group, said: “Tokio Marine HCC – Surety Group supports U.S. small businesses not just in the SBA SBG Program, but in virtually all of our surety bond categories. Small businesses are the lifeblood of the U.S. economy, accounting for nearly 50% of all private sector employment. We appreciate the SBA SBG staff and our agency partners for their continued dedication to the development and expansion of small businesses throughout the U.S.”

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About Tokio Marine 
Tokio Marine HCC is a member of the Tokio Marine Group, a premier global company founded in 1879 with a market capitalization of $73 billion as of June 30, 2024. Headquartered in Houston, Texas, Tokio Marine HCC is a leading specialty insurance group with offices in the United States, Mexico, the United Kingdom and Continental Europe. Tokio Marine HCC’s major domestic insurance companies have financial strength ratings of ‘A+’ (Strong) from S&P Global Ratings, ‘A++’ (Superior) from AM Best, and ‘AA-’ (Very Strong) from Fitch Ratings; its major international insurance companies have financial strength ratings of ‘A+’ (Strong) from S&P Global Ratings. Tokio Marine HCC is the marketing name used to describe the affiliated companies under the common ownership of HCC Insurance Holdings, Inc., a Delaware-incorporated insurance holding company. For more information about Tokio Marine HCC, please visit www.tokiomarinehcc.com.

About Tokio Marine HCC-Surety Group
Tokio Marine HCC - Surety Group is the marketing name used to describe the surety related insurance operations of Tokio Marine HCC. With offices throughout the United States and Mexico, it is a top ten writer of surety business in the combined United States and Mexico markets. Tokio Marine HCC - Surety Group’s members include: American Contractors Indemnity Company, U.S. Specialty Insurance Company, United States Surety Company and Tokio Marine HCC Mexico Compania Afianzadora, S.A. de C.V.

About the U.S. Small Business Administration 
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

Contact
MHP Group
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+44 (0)7586 050 758