Insurers announce the launch of SuretyBind

Chubb, The Hartford, Liberty Mutual and Travelers announced the formation of SuretyBind, a technology company that will feature a shared digital infrastructure to advance the surety industry.

SuretyBind will initially focus on two initiatives: A data transmission platform that connects sureties, brokers, and other market participants to eliminate duplicative data entry, and leadership and technology to drive digital bond execution.

Participation in SuretyBind will be open to all sureties and brokers in the U.S. surety market. The company expects to begin offering its services in 2027.

In a joint statement, Teresa Black, Division President, North America Surety, Chubb, Rick Ciullo, Head of Global Specialty’s U.S. Retail Businesses, The Hartford, Tim Mikolajewski, Executive Vice President, Global Risk Solutions and President, Liberty Mutual Surety, and Bryce Grissom, Senior Vice President and Head of Surety, Travelers said: “As longtime participants in the surety industry, we see this is an opportunity for technology to play a role in improving the processes and delivery of surety products to end customers. SuretyBind stands to serve the interests of all stakeholders by driving industry innovation.”