Business insurance provider Federated Mutual Insurance Company has reached an agreement to acquire Granite Re, an Oklahoma-based provider of surety bonds for small to medium-sized contractors.
According to Federated Insurance, the acquisition better positions Federated Insurance to partner with commercial contractors for their surety and bonding needs.
Jeff Fetters, chairman, president and CEO of Federated Insurance Companies, said: “Having a reliable bonding avenue beyond what Federated currently offers will help reinforce our position as a valued partner in the commercial contractor industry. Granite Re fills a niche requirement that aligns with Federated’s commitment to provide value-added services that put client success and well-being at the forefront.”
Kenneth Whittington, president of Granite Re, added: “We are very excited about significantly enhancing the surety line of business for Federated’s contractor base, and providing them with the impeccable service that Granite’s current customers enjoy. Federated’s capital strength, coupled with their steadfast commitment to their clients, will drive Granite to new heights.”
Federated Insurance, Granite Re, M&A, Surety, North America