In this issue:

Letter from the President
On behalf of everyone at Rosenberg & Parker, we hope that this newsletter finds you well and that you are enjoying more time with your family during these unprecedented times.

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5 in 5: Divisional President at Great American Insurance, Gary Dunbar
Watch Chad Rosenberg and Gary Dunbar discuss the state of the surety market, and advice for contractors.

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Surety Marketplace Update: Hindsight is 2020.
Historically, surety has been a profitable, though fractional, segment of the insurance company revenue stream. The last notable time of loss was directly after Enron in the early 2000s, prior to that was in the 1980s driven by losses on mortgage guarantee bonds. Surety is cyclical, and it appears as of late, the cycle is approximately two decades.

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Treasury & Risk Management: Communicating the use of Surety in lieu of Letters of Credit
The 2008 financial crisis sparked international financial reform, becoming a catalyst for the surety market’s growth. These reforms led to increased bank costs, further incentivizing companies to execute on letter of credit replacement projects.

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Stress and Anxiety: Making Friends with Ourselves
Learn all about managing stress and anxiety with Retired Seal Team Six Command Master Chief Dave Cooper. Making stress and anxiety a friend—or at least not a constant enemy—is well with our capabilities. It starts with mindset.

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Welcome

By Elizabeth Cervini
Director of Surety Operations

Surety is a small world. If you’re reading this, Thank you! You are our people, connected by surety.

We have risk managers who openly admit they hate surety. To them, to you, I have said, and will continue to say, “That’s fine. I love it enough for both of us” – that is after all the R&P way. We’re still connected by surety.

The R&P passion for surety may be unwavering, but surety isn’t immune to this year. There are varying levels of how this year has impacted each segment.

The world is different now. The word “unprecedented” never thought it would take a spotlight as it has in 2020. Diversity and inclusion stand at the forefront. Wishing health and happiness took new meaning. An abundance of polarizing politics wherever you look. Masks are encouraged at the bank. Fires and hurricanes in record proportions. Adapting to a new life of remote learning, remote work. Zoom-bombs are a thing.

Here at R&P, we’ve been riding the storm out remotely. Proud to maintain the level of service our clients expect while we educate ourselves on the rapidly changing environments for our clients, our sureties, the industry. This newsletter is meant to touch on that. Little trivia: goldfish actually have a 9 second attention span, humans have 8. We kept that in mind when we put this together, but should you want a bit more, please don’t hesitate to reach out.


Be sure to also watch our SUREChat Webinar Series