Core Specialty, an insurance company, agreed to acquire American Surety Company, a property & casualty company. Financial terms were not disclosed. “We are delighted that American Surety will become our 15th Specialty Business Unit. We believe that the surety market represents a highly attractive market segment for us to enter given its strong underwriting profitability over time and barriers to entry. According to AM Best market data, the surety market included approximately $9bn in direct premiums written in 2022 and produced a 10-year average combined ratio of 71%. We look forward to working with the American Surety team to further build this business,” Jeff Consolino, Core Specialty Founder, President, and CEO.