Maryland Gov. Larry Hogan honored Zurich North America last month by presenting a proclamation to commemorate the 125th Anniversary of Zurich Surety.
Al Redmer, Jr., the insurance commissioner of Maryland, presented Gov. Hogan’s proclamation to Bryan Salvatore, president of specialty products, and Michael Bond, head of Surety, at Zurich’s Owings Mills office on October 21.
Zurich Surety was founded in February 1890 by Edwin Warfield as the Fidelity Loan & Trust Company of Baltimore City. The company was renamed four months later as the Fidelity and Deposit Company of Maryland (F&D).
It was the first surety to write bonds for public officials, the first surety approved for bonds for the federal government and the first surety to combine two or more contractors on one bond to jointly handle large construction projects such as the Hoover Dam.
In its first year, the surety division only consisted of five employees, one office, and two independent agents. Today, there are 250 employees in 38 locations and 2,250 surety agencies and brokers ensuring that companies and contractors fulfill their end of the bargain in their respective contracts.
Salvatore credited Zurich’s loyal customers for the longevity of their surety business. “More than 500 of our customers have been receiving surety bonds from us for more than 25 years and two have been customers for more than 110 years,” he said.
Source: Zurich North America