Liberty Mutual Surety has announced the appointment of Douglas Schrift as chief underwriting officer for subcontractor default insurance (SDI). He will report to Fran McGrath, chief credit officer for contract surety.
In his new role, Schrift will develop, launch and grow the company’s SDI offering. SDI is a two-party catastrophic insurance coverage that protects general contractors from losses incurred when a subcontractor fails to perform. SDI is a roughly $650 million market and is growing rapidly, according to Liberty Mutual.
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