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i2B Capital Provides $8M Structured Funding to National Surety Underwriters
[July 12, 2017]

i2B Capital Provides $8M Structured Funding to National Surety Underwriters

i2B Capital (, a provider of direct financing to niche-market financial entrepreneurs, is pleased to announce the closing of an $8 million structured term loan to National Surety Underwriters, Inc. (NSU), previously known as Agency Bonding Captives, Inc. In addition, investors contributed a further $3.5 million to the transaction closing.

The funding will be used by NSU for two purposes:

  1. The capitalization of a new and wholly owned subsidiary of NSU, National Fidelity Reinsurance Company, Inc. (NFRC), a special-purpose surety reinsurance captive licensed through the North Carolina Insurance Department and
  2. The merger of McCabe Inc and Independent Corporate Underwriters, Inc. (ICU), a Managing General Underwriter (MGU) specializing in surety bonds based in New Jersey.

The new combined entity will enable NSU subsidiary NFRC to underwrite and reinsure surety bonds through its licensed insurance carrier partner, Clear Blue Insurance Company, Inc. (AM Best A- rated), of up to $2 million in any one bond and up to $4 million in the aggregate per principal insured. In addition, other surety bonds will be written and placed with multiple carriers through the ICU/MGU relationships enabling surety bonds to be written up to $100 million with insurance carrier approval.

"This funding is an excelent example of i2B Capital's ability to navigate and resolve complex business financing issues," said Larry Curran II, CEO of i2B Capital. "The transaction included capitalization for three companies in three states with wide-ranging legal and regulatory requirements to create one synergistic entity able to service a broad spectrum of surety requirements."

Barbara Anderson, COO of i2B Capital, added, "Our goal over the initial 36-month structured term loan is to prepare NSU for traditional institutional financing in the future. To accomplish that objective, we will provide the growth capital along with our commercial lending expertise to help NSU prepare for the disciplined reporting requirements and credit processes at the next level."

National Surety Underwriters is a privately owned holding company, underwriting agency, and reinsurance captive headquartered in Philadelphia. CEO Rennie Rodriguez said, "Our expertise is building and managing specialty insurance agencies and we see tremendous opportunity for consolidation in a fragmented surety bond industry. Through offering a unique package to contracted surety bond agents and targeted strategic acquisitions, we are building a networked system of top-line surety agents."

The McCabe/ICU merger will continue to be operated by original owner, Kevin McCabe, who has been appointed Chief Underwriting Officer of the Group and has joined the Board of Directors of the Holding Company. Mr. Rodriguez added, "With our reinsurance captive now licensed and capitalized, we can begin to issue bonds through Clear Blue and will revolutionize the way agents and principals procure surety." For more information contact Rennie Rodriguez at

i2B Capital is headquartered in Fort Collins, Colorado with offices in Herndon, Virginia. The company provides senior debt and direct asset investments for growth capital to qualifying entrepreneurs and equity-backed emerging specialty finance companies throughout the United States. For more information, contact Barbara Anderson, COO and Managing Director of i2B Capital, at 703-871-3993 or

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