Serving Small, Emerging and Under-represented Contractors
June 12, 2023
FOR IMMEDIATE RELEASE – June 12, 2023 West Des Moines, IA
Merchants Bonding Invests in Surety Inclusion
Named Surety of the Year by the Office of Surety Guarantee
Merchants Bonding Group is expanding its commitment to small, emerging and often under-represented contractors with a majority investment in Foundation Surety & Insurance Solutions, a Maryland agency focused on the Small Business Administration’s (SBA) Surety Bond Guarantee Program. Becoming the majority owner of Foundation Surety is an extension of the partnership Merchants began with its president, Peter Gibbs, in October of 2021. In that short time Merchants Bonding and Foundation Surety have served 215 contractors who might not otherwise have qualified for surety bonding.
The success of this venture caught the attention of the SBA’s Office of Surety Guarantee and they have just announced Merchants as their “Surety of the Year.”
“We are proud of and humbled by this honor,” said Merchants’ President and Chairman of the Board Larry Taylor. “This investment is significant for our Specialty Solutions division and of strategic importance to Merchants as we live our commitment to diversity and inclusion.”
President of Foundation Surety & Insurance Solutions Peter Gibbs brings his years of respected experience to this partnership. Gibbs served as the leader of the Office of Surety Guarantee before beginning this new venture. “Merchants and Foundation Surety will continue operating as before with my focus on SBA business and Merchants providing a unique opportunity to its agent partners across the country to pursue and run any SBA surety business through me and Foundation Surety,” said Gibbs. “I am grateful for this partnership and excited to fulfill my dreams of assisting underserved contractors across the country.”
“We are very grateful to all of our agent partners who have taken advantage of this unique pursuit of SBA business through Merchants Specialty Solutions and Foundation Surety, and we are proud of our growing leadership in this effort,” said Merchants’ Chief Underwriting Officer David Hewett.
Merchants Bonding Company is headquartered in West Des Moines, Iowa and is among the largest surety providers in the United States with an A.M. Best Rating of “A” excellent or better since 1958. Merchants’ is unique in the property and casualty insurance industry, focusing solely on surety bonding since it was founded in 1933. Merchants is privately held with more than 35 offices in the United States.
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Therese Wielage, Chief Marketing & Communications Officer
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