Commercial Underwriting Leadership


Jim Holter, AFSB

Vice President, Commercial Surety

Jim serves as the Vice President of Commercial Underwriting. Jim joined Merchants in 2004 to lead the commercial surety department as assistant vice president. In 2014, he was promoted to vice president of commercial surety. Jim sits on the SFAA Commercial Committee, is active in the National Association of Independent Sureties (NAIS), and has been an instructor at the NAIS Surety School. Prior to Merchants, Jim was with Western Surety & CNA Surety. He attended the University of South Dakota.


Terry Frederick, AFSB

Assistant Vice President, Commercial Underwriting – Eastern Region

Terry serves as the Assistant Vice President of Commercial Underwriting. Terry joined Merchants in 2005 as a commercial surety underwriter. She transitioned to senior commercial underwriter in 2010 and become assistant vice president in 2016. Terry began her surety career at Western Surety/CNA Surety in 1984. In 2001, she moved to Des Moines and worked for IMT Insurance Company as both a commercial and contract underwriter before joining Merchants. She graduated from the University of Sioux Falls.