National specialty insurance brokerage and risk management firm Risk Strategies has acquired Bonds, Inc.
Terms of the transaction were not disclosed.
Bonds, Inc. is a specialist in surety bonds, with a focus on serving the construction industry. The Hunt Valley, MD-based company was founded in 1996 by current president Michael Shaver. A release said that Bonds’ staff boasts a combined experience of over 150 years in the surety industry.
“Michael and his team are an excellent fit with the Risk Strategies family and our specialist approach to risk,” said Risk Strategies Atlantic region leader Scott Popilek. “Their focused surety expertise has made them a valued part of their clients’ business, and now they can leverage all the other insurance products and services of the Risk Strategies family.”
A Risk Strategies release said that the acquisition of Bonds, Inc. strengthens its surety practice bonding operations, adding that the Bonds, Inc. team has been providing bonds for government and municipal projects in the Baltimore and DC-Metro areas. It was also noted that Bonds, Inc. also has expertise in writing international bonds for the State Department and the Overseas Budget Office.
“In today’s business environment, clients really benefit from a specialist approach,” said Michael Shaver. “We saw in Risk Strategies a true specialist who would understand the value we bring to clients, and joining the company gives us more options to help meet clients’ broader needs and expand our base of business.”
Earlier this month, Risk Strategies acquired the P&C insurance agency Sebastian Insurance Group in Sebastian, FL. Sebastian Insurance Group offers a suite of bespoke coverages including property and casualty insurance for homes, vehicles, boats, and businesses, as well as flood insurance.