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National Surety Corporation history
National Surety Corporation company history timeline
1837: William L. Haskins proposed the first surety company in America - the New York Guarantee Company. (Practical Guide to Construction Contract Surety Claims)
1840: The first successful corporate surety, Guaranty Society of London, was founded. (Practical Guide to Construction Contract Surety Claims)
1853: New York enacted a law allowing corporate surety firms to be established. (Practical Guide to Construction Contract Surety Claims)
1865: Fidelity Insurance Company became the first corporate surety company in the United States (The New York Times)
1884: American Surety Company was incorporated in New York and became the first United States company committed to surety underwriting.
1898: The United States Supreme Court heard its first surety case: American Surety Co. v.
1930: The first known surety bond against suicide was written.
1935: The federal Miller Act was established to require the use of performance bonds for public work contracts exceeding $100,000.
1942: The National Association of Surety Bond Producers (NASBP) was founded to represent the needs and interests of surety agents and brokers. (nasbp.org)
1993: Westpac Derivative Products, Ltd. became the first business in its market to use a surety bond.
While there is some disagreement over the first documented surety, there are examples of suretyship dating back beyond 2000 B.C. in countries such as Babylon, Persia, Assyria, Rome, and England.
Surety bonds existed for thousands of years before Viking Bond opened its doors in 2002.
2005: After years of record losses, The Surety & Fidelity Association of America (SFAA) reports that the surety bond industry returns to profitability.
2009: The SuretyBonds.com domain was purchased on March 13th 2009, and the website underwent its first overhaul.
2012: Bond and insurance company First Sealord experiences a steep drop in its surplus and is no longer able to fulfill policyholder obligations.
Type Chapter Opening case study: the financial crisis Authors John Hendry Journal Ethics and Finance Published online: 5 June 2014
Type Chapter United States financial regulation in the aftermath of the Global Financial Crisis Authors Howell E. Jackson Journal Financial Regulation Published online: 5 August 2015
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