This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

XL Group Introduces New Subcontractor Performance Risk Mitigation Programs

Stocks in this article: XL

NEW YORK, July 17, 2012 /PRNewswire/ -- To help contractors minimize subcontractor performance risks, the North America Construction insurance unit of XL Group plc (NYSE: XL) today announced two new subcontractor prequalification programs, through strategic partnerships with Houston-based SureTec Information Systems, Inc. and ConstructSecure, a Marlborough, Massachusetts-based construction technology firm.  The programs provide independent evaluations of subcontractors' financials and operations to help contractors make informative subcontract decisions. 

"In this difficult economy, timely and accurate information about subcontractors' financial health is more vital than ever to our customers' business," said Jason LaMonica, XL Group's Vice President of Construction Performance Risk, "The difference between a successful project and one that is late and/or loses money is often the quality of the subcontractors employed.  Through our new partnerships with SureTec and ConstructSecure, we're excited to provide our clients with access to high-quality tools that will help our customers make value based subcontractor selection decisions, and in the process, minimize their performance risks."

A pioneer in construction safety assessment, ConstructSecure has now applied their patented technology to help automate the review of financial statements.  XL Group's Subcontractor Default Insurance (SDI) customers will now have complete access to ConstructSecure's online system that allows subcontractor financial statements to be uploaded (via PDF) and reviewed in seconds.  This system saves customers time and money by freeing up field or home office personnel who are currently doing this function and will have the added benefit of more consistent and timely reviews.

"Prequalifying subcontractors can be a time consuming process," said Bern Bradstreet, CEO of ConstructSecure. "With the latest technology developed at Harvard University, we help contractors save time providing them with an instant financial analysis of their subcontractors to pinpoint any potential problems."

XL Group's SDI customers will also have access to subcontractor financial analysis performed by SureTec's dedicated financial analysis team.  The analysis and reports include an objective and confidential assessment of a subcontractor's financial strength and capacity to perform its work. "We're proud to be able to apply SureTec's information gathering and analytic skills to provide a financial score card that can help contractors prequalify their subcontractors, minimize potential default risks and protect their own reputation and profitability," said Steve Nelson, President of SureTec.

"Particularly in today's construction market, our customers are looking for every opportunity to shore up their risk management practices," Mr. LaMonica added.  "ConstructSecure and SureTec provide an excellent resource to enhance our customer's ongoing practices – allowing them to be more efficient in using their resources while at the same time allowing them to drill deeper and gain a better understanding of their subcontractors.  Identifying the real risks associated with their subcontractors not only supports better contracting decisions, but will also allow our customers to implement the right risk mitigation practices when a subcontract is awarded.  These financial prequalification tools are a tremendous addition to our customers' toolbox."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,273.76 -106.65 -0.65%
S&P 500 1,886.76 +24.00 1.29%
NASDAQ 4,258.4380 +41.0480 0.97%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs