Risk Strategies Company, a privately held, national insurance brokerage and risk management firm, has acquired Delmarva Surety in a move that extends its Mid-Atlantic footprint while adding specialized contract surety expertise. Terms of the deal were not disclosed.
Established in 1995 and headquartered Hunt Valley, Md., Delmarva specializes in the sale and servicing of surety bonds and commercial insurance. The company has more than 450 clients throughout the Mid-Atlantic and Eastern U.S., including Maryland, Virginia and the District of Columbia.
Surety bonds, such as payment or performance bonds, serve as a type of guarantee, ensuring obligations of the bonded entity will ultimately be fulfilled. Delmarva’s surety and insurance programs serve all areas of the construction industry, from startups to ENR 400 specialty contractors with clients including general contractors, subcontractors, suppliers and developers.
Delmarva Surety President Thomas Whipple has more than 30 years of industry experience, including just over two decades with Delmarva. His sons, Brian Whipple and John Whipple, are vice presidents, heading up commercial lines and surety, respectively.
Formally established in 2010, the Risk Strategies construction group is staffed with veterans of both the insurance and construction industries. With a client base ranging from ENR 400 firms to specialty artisan shops, its expertise spans all aspects of construction risk and liability, from financing and the design process to pre-construction, construction and property sales. The addition of Delmarva is expected to bolster the brokerage’s specialty knowledge for the practice and its clients.
Source: Risk Strategies Company
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