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The Surety & Fidelity Association of America Highlights Diversity Efforts

Wednesday, May 23, 2012  

NEWS RELEASE
FOR RELEASE ON MAY 22, 2012

Contact: Stephanie Robichaux

Phone: (202) 778-3629

E-mail: srobichaux@surety.org

The Surety & Fidelity Association of America Highlights Diversity Efforts

MAY 22, 2012, WASHINGTON, D.C.—To recognize its long-standing commitment to and focus on the objective of attracting minority talent into the surety and fidelity industry, the Board of the Surety & Fidelity Association of America (SFAA) combined the Development & Diversity Advisory Committee (DDAC) and Human Resources Advisory Committee (HRAC) to create the Diversity & Human Resources Advisory Committee (DHRAC).

"This organizational change enables two fine Committees to maximize their productivity with ideas and solutions to attract minority and women talent,” says Mel Pierce, human resources manager for Liberty Mutual Surety and chair of the former HRAC. Part of the DDAC’s mission was to bring minorities into the surety and fidelity industry through SFAA’s partnership with INROADS and through The Surety Foundation Industry Scholarship Program, which was established in 2003 to provide awards to outstanding minority students in their studies of risk management/insurance, accounting, or business/finance and encourage their consideration of surety/fidelity underwriting as a career choice.

Over the last two years, the HRAC became increasingly involved in the selection process for The Surety Foundation Industry Scholarship Program by suggesting selection criteria and marketing materials for the program. Furthermore, HRAC developed and implemented a mentoring framework for scholarship awardees, matching them with a professional mentor to provide one-on-one guidance through their internship, expose them to the variety of opportunities in the industry, and enable them to develop relationships in the surety and fidelity industry. By combining the functions of these committees, the new DHRAC will create greater efficiency in achieving mutual objectives and, ultimately, lead to a richly diverse pipeline of talented young people in the industry. "The formation of the Diversity & Human Resources Advisory Committee is a win-win,” says Edwin Hubbard, underwriting consultant for Liberty Mutual Surety and chair of the former DDAC. "Together we are able to better utilize our resources and broaden our outreach efforts. We look forward to gaining resources and expanding our efforts to attract and retain talented women and minorities into the surety and fidelity industry.”

In addition, committee functions regarding SFAA’s Model Contractor Development Program (MCDP)® have been shifted to the Contract Bonds Advisory Committee. This will enhance SFAA’s ability to implement additional programs, approaches, and products to make surety bonding more available to qualified small and emerging women and minority contractors, while also assisting those contractors in the qualification process.

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The Surety & Fidelity Association of America (SFAA) is a trade association of more than 450 insurance companies that write the vast majority of surety and fidelity bonds in the U.S., is a licensed rating or advisory organization in all states, including the District of Columbia and Puerto Rico, and is designated by state insurance departments as a statistical agent for the reporting of surety and fidelity insurance.

 


 

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