Euclid Insurance Services, Inc. (“Euclid”), today announced that it has formed Euclid Surety LLC (“Euclid Surety”), a program manager that will write contract and commercial surety bonds throughout the United States. Product offerings will include bid, performance, payment, maintenance and supply bonds as well as specialty bonds such as subdivision, rare earth and mineral reclamation, environmental closure/post-closure, waste hauling and license and permit bonds. Euclid Surety will be led by industry veterans Paul Giordano and Charles Cygal.
Mr. Giordano will be Managing Principal of Euclid Surety, having previously served as CEO of Ironshore Surety Holdings, Inc., where he led the successful build out of Ironshore’s surety business. Mr. Cygal will be Principal and Chief Underwriting Officer of Euclid Surety. Most recently, Charlie was Head of Surety at QBE North America and previously held chief and senior underwriting roles at Ironshore, AIG & Chubb. Together with Euclid, Paul and Charlie are equity owners of Euclid Surety. Operating from locations in the Northeast, South and Midwest, Euclid Surety will target middle-market contractors and other customers with single bond needs of $10 million or less.
Euclid Surety also is pleased to announce that Messrs. Mark Valiquette and Robert Cubbin III have joined as Assistant Vice Presidents and Underwriters. Both Mark and Rob bring a wealth of experience and a strong market following to the team, having served in senior underwriting roles at QBE North America and other leading surety writers over their careers.
Requests for bonds may be submitted to Euclid Surety immediately. Euclid has entered into a program management agreement to underwrite surety business on behalf of Developers Surety and Indemnity Company and Corepointe Insurance Company, subsidiaries of AmTrust Financial Services, Inc., rated “A-“ (excellent), FSC “XV”, stable outlook from A.M. Best, which together have a combined U.S. Treasury limit of approximately $16 million.
John N. Colis, President and CEO of Euclid and Chairman of Euclid Surety commented: “We could not be more pleased to add Paul, Charlie and Euclid Surety to our family of program managers and once again work with AmTrust to build a successful program. Tremendous opportunities for growth in surety lay ahead as the economy recovers from the pandemic and prepares to meet the country’s needs in infrastructure, housing and other sectors.”
“We are delighted to join an organization of Euclid’s caliber and work with an innovative partner like AmTrust,” said Paul Giordano, Managing Principal of Euclid Surety. “We formed Euclid Surety to bring a singular focus and unsurpassed service to the surety market and meet the growing needs of our customers.”
“Euclid Surety’s operating philosophy will combine dedication to underwriting with speed, reliability and direct access to underwriting decision makers,” added Charlie Cygal, Principal and Chief Underwriting Officer of Euclid Surety. “Adding Mark and Rob, two talented and highly regarded underwriters, brings tremendous depth to our team and will give us the ability to service the needs of customers quickly and efficiently from the start.”
Inquiries to Euclid Surety can be directed as follows:
General inquiries – [email protected]
For Submissions – [email protected]
Paul Giordano – [email protected]
Charlie Cygal – [email protected]
Rob Cubbin – [email protected]
Mark Valiquette – [email protected]
About Euclid Insurance Services, Inc.
Founded in 1952, Euclid Insurance Services, Inc. is a program administrator for specialty property/casualty insurance programs operating under the names Euclid Public Sector, Euclid Specialty Managers, Euclid Transactional, Euclid Enviant, Euclid Design Underwriters, Euclid Financial Institution Underwriters and Euclid Life Science Specialty and functions as a general agency distributing employee benefit and life products under the name Euclid Managers. For more information about Euclid Insurance Services, Inc., visit www.euclidprograms.com.
About AmTrust Financial Services, Inc.
AmTrust Financial Services, Inc., a multinational insurance holding company headquartered in New York, offers specialty property and casualty insurance products, including workers’ compensation, businessowners policy (BOP), general liability and extended service and warranty coverage. For more information about AmTrust, visit www.amtrustfinancial.com