Commercial Underwriting Leadership



Headshot of Vice President Jim Holter

Jim Holter, AFSB

Senior Vice President, Commercial Surety

Jim serves as the Senior 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 senior 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.



Headshot of Assistant Vice President Tyson Conley

Tyson Conley

Vice President, Commercial Underwriting - South Region

Tyson joined Merchants Bonding Company in 2006 as a commercial surety underwriter and was promoted to senior commercial surety underwriter in 2013. In 2016, he transferred from the West Des Moines corporate office to lead the Austin office. He was named director of commercial underwriting in 2019 and was promoted in 2022 to vice president of commercial underwriting. He holds a bachelor’s degree in finance from Morningside College in Sioux City, Iowa.



Headshot of Assistant Vice President Terry Frederick

Terry Frederick, AFSB

Vice President, Commercial Underwriting – East Region

Terry serves as the 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 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.



Headshot of Assistant Vice President Dan Lengeling

Dan Lengeling, AFSB

Vice President, Commercial Underwriting - West Region

Dan leads the West team as the Vice President of Commercial Underwriting. Dan joined Merchants Bonding Company in 2010 as a Commercial Surety Underwriter and was promoted to vice president in 2022. He holds his MBA and BA finance degree from the University of Iowa. Dan received a certificate in risk management and insurance from the Vaughan Institute. He obtained the Associate in Fidelity and Surety Bond (AFSB) underwriting designation.