Zurich’s Surety, Credit and Political Risk group provides surety bond for Panama Canal expansion
Canal expansion is one of the largest projects ever bonded by Zurich
Washington, D.C., August 17, 2009 – Zurich in North America’s Surety, Credit and Political Risk group announced today that Zurich is providing the surety bond to the consortium responsible for the construction of the $5.25 billion (USD) expansion of the Panama Canal – one of the largest civil construction projects ever undertaken. The expansion will help facilitate trade between the Asia Pacific region and the Atlantic Ocean region by cutting transit times and costs.
The multinational consortium of contractors – Sacyr Vallehermoso (Spain), Impregilo (Italy), Jan de Nul (Belgium) and Constructora Urbana (Panama) – is charged with building three locks parallel to the older, existing locks, to allow for today’s larger ships. The new locks will have a length of 1,400 feet, a width of 180 feet and a depth of 60 feet, as compared to the old locks which were 965 foot length, 110 foot width and 42 foot depth. The project is scheduled for completion in 2014, to coincide with the 100th anniversary of the Canal’s opening.
“Part of Zurich’s surety strategy is to expand our customer base and establish a framework to provide global surety bonds,” said Daniel Riordan, president of Zurich in North America’s Surety, Credit and Political Risk group. “This is one of the largest projects we’ve ever bonded and is further proof that Zurich’s broad experience, capabilities and global footprint, position us to serve our customers, wherever they are in the world.”
Michael Bond, senior vice president – Strategy and Growth of Zurich in North America’s Surety, Credit & Political Risk, said that “In conjunction with Marsh, the broker on the project, and with our colleagues in Zurich Germany, Zurich in North America’s Surety, Credit and Political Risk group worked on the proposal for more than a year because of the complexity of the bid and the volumes of material to review.”
Zurich in North America’s Surety, Credit and Political Risk group is a leading provider of contract and commercial surety, trade credit and political risk insurance products. Surety, Credit and Political Risk serves customers through underwriting offices located in 35 cities throughout North America, as well as connection with affiliates maintaining offices in Barcelona, Beijing, Frankfurt, Hong Kong, London, Paris, Singapore, Sao Paulo, Sydney, Tokyo and Zurich.
Zurich provides surety bonds, political risk and trade credit insurance for qualified financial institutions, multinational corporations, investors, exporters, contractors and infrastructure developers in North America and emerging markets.
Zurich is a member of the Berne Union, an international union of credit and investment insurers.
About Zurich
Zurich’s North America Commercial and Global Corporate in North America business divisions are part of Zurich Financial Services Group (Zurich), an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 60,000 people serving customers in more than 170 countries. In North America, Zurich (www.zurichna.com) is a leading commercial property-casualty insurance provider serving the global corporate, large corporate, middle market, specialties and programs sectors.
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Media contact:
Steve McKay
Zurich
(847) 706-2265
steven.mckay@zurichna.com