The surety industry is experiencing one of its most tumultuous periods in its history, said the vice president of a Chicago-based insurance brokerage firm.
Bill Krumm of Near North Insurance Brokerage Inc. said high-profile bankruptcies, continuing losses and the effects of Sept. 11 have taken a toll on the industry.
“As a result of those events, we're seeing that capacity is decreasing, pricing is increasing and underwriting is tightening,” Krumm said.
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