Suremerica Surety Underwriting Services has signed an agreement with a global underwriter to offer new surety capacity for all major brokers and professional surety agents.

Using its proven underwriting team and a global network, the company will provide up to $1bn of new surety options to the contractors having annual revenues of $150m or more.

Alliant Specialty Insurance Services president Sean McConlogue said: "With its $1 billion in new capacity, Suremerica is well-positioned to capture the market opportunities to provide additional support for its clients."

The company will also underwrite "A" rated surety bonds that are backed by its underwriting partner.

Suremerica managing director Anthony Romano said the company is honored to provide all major brokers and their qualified contractors with access to top-rated surety underwriting services for their large-scale projects.

Founded in October 2012, Suremerica is majority owned by Alliant Insurance Services, and is operated by Alliant Specialty Insurance Services (ASIS), an established managing general agency.