The St. Paul Companies announced the formation of the Global Surety and Construction Group.
According to the group’s newly appointed President Robert J. Lamendola, the formation of the Global Surety and Construction Group reflects strong growth in
The St. Paul’s construction insurance business and the continuing global expansion of the company’s surety operations.
The St. Paul’s Surety business now includes operations in 10 countries and affiliations with numerous insurance partners worldwide.
The St. Paul’s surety business totaled $426 million in annual net written premiums in 2000, accounting for 7 percent of the company’s total net written premiums, up 8 percent over 1999. Surety bonds guarantee that third parties, such as developers, will be indemnified against the nonperformance of contractual obligations by construction firms and others.
The St. Paul’s construction business totaled $488 million in annual net written premiums in 2000, up 10 percent over 1999. The St. Paul’s construction segment includes traditional insurance and financial and risk management solutions for a broad range of contractors and owners of construction projects.
Lamendola, 57, previously was senior vice president-Surety and Construction. He joined The St. Paul in 1998 as a result of the company’s merger with USF&G, where he had worked since 1992 and was instrumental in rebuilding the company’s surety operation. Lamendola continues to report to Douglas W. Leatherdale, chairman and chief executive officer of The St. Paul Companies.
Topics Construction
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