Beginning in 1989, Mr. Elia was a co-owner of an insurance agency specializing in surety bonds….mainly performance and payment bonds for contractors, but also all types of license, permit, statutory and financial guarantee bonds. One day in 1996, a graphic designer came into Mr. Elia’s office and wanted to know if Mr. Elia could provide a bond for direct mail promotions, that he was designing for automobile retailers. Mr. Elia told him that he could. The graphic designer informed Mr. Elia that he was not just looking for the statutory bond, but was also looking for a contract to pay off the prize if someone won the direct mail prize being offered. Mr. Elia told him that he would do some research and let him know. Mr. Elia began to research “Prize Indemnity” and found out that this particular form of coverage was underwritten within the “Entertainment” division of a large US carrier. Mr. Elia contacted the VP and AVP in charge of this specialty for the company. Mr. Elia explained the need of his client and they came to an agreement that they could supply the coverage. After approximately six months, Mr. Elia was licensed with this “Entertainment” division, and he issued his first prize indemnity contract. Mr. Elia’s current agency at the time was named SURETEK. Mr. Elia was looking for a similar sounding name for his new venture, and he came up with SUREBET….SUREBET Prize Indemnity.
With growing revenues, Mr. Elia negotiated a new underwriter agreement with another US carrier that is still intact today. Mr. Elia remained full time in the Prize Indemnity Coverage business beginning March of 1998. He enjoyed the business so much that by June 1999, he began the transition process whereby he sold his interest in SURETEK and acquired the remaining business of SUREBET. The deal was completed in March of 2000.
Since then, the company has expanded its business each year, and is currently a leader in the US Market. |
