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Best Bail Bond Companies in Each of the 30 Biggest Cities in the US

Meerub Anjum
12 min read

In this article, we will look into the best bail bond companies in each of the 30 biggest cities in the US. If you want to skip our detailed analysis, you can go directly to the 5 Best Bail Bonds Companies in the Biggest Cities in the US.

Bail Bond Services in the US

Bail Bond Services are provided to individuals to help them secure their release from jail prior to their court date. The bail bond serves as a surety bond, posted by the company to the court, guaranteeing that the arrestee will appear at the court hearings. Bail agents underwrite and issue bail bonds as official representatives of the company. Usually, these companies charge a percentage of the bail amount, which could differ from company to company. The companies also require collateral including cash, investments, or property before issuing a bail bond. Commercial or for-profit bail bond companies operate only in the US and the Philippines.

According to a report by IBIS World, the revenue of bail bond services in the US has grown to $2.4 billion, at a CAGR of 4.3%, from 2018 to 2023. The industry faced a decline in overall revenue in 2023. However, despite the dip in 2023, profit is set to rise to 15.7% of the total revenue. The industry acts as a financial intermediary in the pretrial system, providing support to the defendants unable to afford bail. The bail bond industry yields profit by charging a non-refundable premium which is typically a percentage of the total bail. Over 2 million people enter into pretrial agreements with commercial bail bond agents in the US every year, as reported by the Center for American Progress. With nearly 15,000 bail bond agents in the country, the industry generates a profit of around $2.4 billion each year. According to the report, an estimated $15 billion in bail bonds were guaranteed in 2019.

Major Companies Providing Bail Bond Services in the US

Crum & Forster, a wholly-owned subsidiary of Fairfax Financial Holdings Limited (OTC:FRFHF), is a leading insurance company providing specialty insurance and risk management solutions. The company offers bail bonds through United States Fire Insurance Company, The North River Insurance Company, Crum & Forster Indemnity Company, Seneca Insurance Company, and MTAW Insurance Company. On October 5, 2023, the company announced that it had introduced the Crum & Forster Scholarship in collaboration with New Jersey City University (NJCU). The recipients of the scholarship will also get a chance to secure a paid internship at Crum & Forster.

Core Specialty, an insurance company specializing in specialty insurance and property and casualty insurance, has recently entered the bail bond services market. On November 1, 2023, the company announced the strategic acquisition of American Surety Company, a property and casualty company underwriting bail bonds through licensed bail bond agents. This acquisition will expand Core Specialty's offerings to Bond, Credit, and Guarantee Subsegment, by leveraging American Surety Company's experience of 30 years in the market. The transaction is expected to close in the first quarter of 2024.

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