The U.S. Department of the Treasury has raised The Main Street America Group's NGM Insurance Co.'s single surety bond capacity threshold with limits available up to $73.3 million. The Jacksonville, Fla.-based company has provided surety bond products to businesses and individuals since 1961 through its network of independent insurance agents.
The Treasury Department's expansion of Main Street America's surety bond capacity reflects the super regional property & casualty insurance carrier's 2010 surplus growth of $78 million, increasing its total surplus to $770 million. Additionally, A.M. Best affirmed Main Street America's “A” (Excellent) financial strength rating earlier this year and upgraded the company's financial size category as a result of its surplus growth. A.M. Best also upgraded Main Street America's issuer credit ratings to “a+” from “a”.
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