Strategic Planning

Charting a Course for the Future

Merchants Bonding Company’s leadership invested significant time and energy during 2022 into a strategic planning process, described by the Executive Team in terms such as “challenging, inspiring, engaging, energizing and invigorating”. The process, to envision the future of the company, played out at the same time Merchants was preparing to celebrate its 90th anniversary in 2023. This intersection of past, present, and future presented an important opportunity to redefine and realign goals, and to chart operational priorities.

The Merchants Commitment

The purpose, vision, mission, and values that comprise The Merchants Commitment serve as the foundation of the company. Evolving the Commitment was a major priority of the strategic planning process.

Purpose

Leadership evolved Merchants’ purpose from “To guarantee your investment in tomorrow with collaborative solutions” into “To be the most trusted team in surety with a courageous culture." Trust was a recurring theme in discussions, and not only captures the essence of the surety industry, but also the nature of Merchants’ specific approach to the business.

Vision

The company’s previous vision, “To be a top ten surety company through innovation and responsible growth” was valuable, but finite. Instead, leadership wanted an infinite vision, one that would always fuel Merchants’ progress.

The evolved vision, "To become twice the enterprise through innovation and responsible growth” will always be relevant, and supports Merchants’ dedication to continuous improvement.

Values

The addition of a new value, "We value an inclusive culture that inspires us to explore new ideas”, recognized Merchants’ continuing journey to weave Diversity, Equity and Inclusion through all our efforts.

Operational Priorities

Informed by market analyses, competitive research, economic forecasting, and a wealth of ideas from Merchants’ associates, the strategic planning process also addressed operational priorities. Executive Team members identified specific goals, and resources necessary to achieving them, to support the evolved vision and purpose.

The goal I'm most excited to pursue is...

"...creating career growth opportunities for all associates.”
– Larry Taylor - Chairman of the Board & President

"...continuing to build out the claims team commensurate with premium growth/claim volume, creating opportunities and providing additional levels of support.”
– Jay Farley - Vice President, Claims Manager

"...touchless transactions, now called Hub Express. It reshapes our thinking around how surety bonds are sold and delivered, delivers massive value to both agents and principals and it continues to demonstrate Merchants Bonding's innovation in the market."
– Brad Rasmussen - Chief Information Officer

"...the overall premium benchmark - the journey that will provide a roadmap to success and create an ever evolving story."
– Steve Dorenkamp - Sr. Vice President, Specialty Solutions

"...continued geographic expansion of contract offices since this has been such an integral part of our growth over the past 10 years."
– Jason Dettbarn - Sr. Vice President, Contract Underwriting

"...hiring 42 new positions to help teams feel supported to accomplish the additional work ahead."
– Stacey Cale - Vice President, Human Resources

"...The five year premium goal and corresponding surplus growth, because it provides focus across the organization to determine the most impactful ways to deliver a better product and better service to our agency partners and our end users. The premium and surplus numbers are not the true goal but the way to measure how well the company delivered on improving the product and services. Those improvements are the true goal and the premium and surplus growth goals are a simple way to focus our efforts."
– Jim Holter - Sr. Vice President, Commercial Surety

"...Hub Express – Merchants is going to transform the way the surety business is done, delivering enormous value to both agents and principals."
David Hewett – Chief Underwriting Officer

"...growing our market share with our agent partners through individually personalized relationship building, recognizing and rewarding the lifetime value of their association with Merchants no matter which agency employs them."
– Therese Wielage - Chief Marketing & Communications Officer

"...is people because strategy goals will not be successful unless you have the right people, properly trained, leading the way."
– Don Blum - Chief Financial Officer, Chief Risk Officer & Treasurer

"...continuing to strengthen our support of non-profit organizations, improving our communities and enriching the lives of children in the communities we serve."
– Bill Warner, Jr. - Sr. Vice President of Operations & Corporate Secretary

Merchants Leadership

Executive Committee

Larry Taylor

Chairman of the Board & President
West Des Moines, Iowa

Bill Warner, Jr.

Sr. Vice President of Operations & Corporate Secretary
West Des Moines, Iowa

Don Blum

Chief Financial Officer, Chief Risk Officer & Treasurer
West Des Moines, Iowa

David Hewett

Chief Underwriting Officer
West Des Moines, Iowa

Therese Wielage

Chief Marketing & Communications Officer
West Des Moines, Iowa

Brad Rasmussen

Chief Information Officer
West Des Moines, Iowa

Jason Dettbarn

Sr. Vice President, Contract Underwriting
West Des Moines, Iowa

Jim Holter

Sr. Vice President, Commercial Surety
West Des Moines, Iowa

Steve Dorenkamp

Sr. Vice President, Specialty Solutions
West Des Moines, Iowa

Jay Farley

Vice President, Claims Manager
West Des Moines, Iowa

Stacey Cale

Vice President, Human Resources
West Des Moines, Iowa

Company Officers

Aaron Raschke

Vice President, Contract Underwriting
West Des Moines, Iowa

Dan Lengeling

Vice President, Commercial Underwriting
West Des Moines, Iowa

Doug Schnicker

Vice President, Contract Underwriting
West Des Moines, Iowa

Ed Sipfle

Vice President, Contract Underwriting
West Des Moines, Iowa

Josh Penwell

Vice President, Contract Underwriting
Fort Worth, Texas

Kirk Rathjen

Vice President, Contract Underwriting
West Des Moines, Iowa

Terry Frederick

Vice President, Commercial Underwriting
West Des Moines, Iowa

Tyson Conley

Vice President, Commercial Underwriting
Austin, Texas

Chris Bachman

Regional Vice President, Contract Underwriting
Phoenix, Arizona

Cody White

Regional Vice President, Contract Underwriting
Dallas, Texas

Ed Hubbard

Regional Vice President, Contract Underwriting
Baltimore, Maryland

Jason Walton

Regional Vice President, Contract Underwriting
Kansas City, Kansas

Keenan Lehmann

Regional Vice President, Contract Underwriting
Houston, Texas

Matt Skelton

Regional Vice President, Contract Underwriting
Portland, Oregon

Mike Reed

Regional Vice President, Contract Underwriting
West Des Moines, Iowa

Seth Baker

Regional Vice President, Contract Underwriting
Austin, Texas

Terry Bricker

Assistant Vice President, Contract Underwriting
West Des Moines, Iowa

Aaron Finken

Assistant Vice President, Contract Underwriting
West Des Moines, Iowa

Connie Stewart

Assistant Vice President, Compliance Officer
West Des Moines, Iowa

Nate Cook

Assistant Vice President, Contract Underwriting
West Des Moines, Iowa