The U.S. Treasury Department has added Jet Insurance Co. to its Circular 570 list of approved surety bond providers, allowing the company to issue bonds for contracts related to federal functions.

Listing on Circular 570, also referred to as the Treasury List or T-List, is a requirement for any company that issues bonds mandated by federal agencies.

According to AM Best, Jet Insurance noted that inclusion on the Treasury List is required for companies that issue bonds required by federal agencies such as the Federal Motor Carrier Safety Administration, the Centers for Medicare and Medicaid Services, the Employee Benefits Security Administration, and U.S. Customs and Border Protection.

Jet Insurance said its entry into the market will provide additional capacity to the insurance sector, which has seen increasing pressure in certain areas, including the federal freight brokerage bond market. This sector has seen several carriers exit the market.

Jet Insurance CEO Spencer Sieno (pictured above) commented that obtaining this certification has become more difficult in recent years. He noted that no other independent insurer like Jet has been added to the Treasury’s list recently.

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According to a Jet Insurance spokesperson, the Treasury Department has reviewed its accreditation criteria over time. On August 9, the department issued a final rule updating the financial analysis approach, reinsurance credit rules, and documentation requirements for companies seeking accreditation.

To be certified, companies must meet several criteria, including submitting recent state insurance department exams, confirmation from the insurance commissioner where the company is located that it has at least $100,000 in assets, and copies of all active reinsurance treaties.

Jet Insurance currently maintains a Financial Strength Rating of B++ (Good) from Best.

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