First nationally operated and longest continuously operating surety provider in the United States established many firsts
Schaumburg, IL – June 25, 2015 – Zurich Insurance this month is marking the 125th Anniversary of Zurich Surety by remembering the beginning of the organization and the innovations that have contributed to the development and success of the surety industry today. At 125 years, Zurich Surety is the first nationally operated and longest continuously operating surety provider in the United States.
- First surety to write bonds for public officials;
- First surety approved for bonds for the federal government;
- First surety to combine two or more contractors on one bond to jointly handle large construction projects; and
- First surety to operate nationwide.
- Hoover Dam;
- Oakland Bay Bridge;
- Chesapeake Bay Bridge; and
- Panama Canal expansion.
Zurich Surety was founded as the Fidelity Loan & Trust Company of Baltimore City in February of 1890 and in June of 1890 the name was changed to the Fidelity and Deposit Company of Maryland (F&D). President Franklin D. Roosevelt was a vice president and director of the founding firm from 1921 to 1929. F&D is recognized as the
- First surety to write bonds for public officials;
- First surety approved for bonds for the federal government;
- First surety to combine two or more contractors on one bond to jointly handle large construction projects; and
- First surety to operate nationwide.
Zurich has continuously provided surety bonds to several customers for more than 110 years and has serviced more than 500 customers for more than 25 years. Landmark Zurich bonded projects include the:
- Hoover Dam;
- Oakland Bay Bridge;
- Chesapeake Bay Bridge; and
- Panama Canal expansion.
“We are proud of our relationships and all those who have played key roles in the last 125 years,” said Michael Bond, head of Zurich Surety. “We are thankful for all of the Zurich Surety employees who have worked tirelessly to deliver excellence in customer service and underwriting insights, the independent agents and brokers who have collaborated with Zurich to introduce us to customers and help us meet their needs for surety credit. Most importantly, we want to recognize and thank the many great customers who have trusted Zurich to be their surety provider. We recognize the nature of that trust and promise to continue to act in accordance with the highest ethical, legal and professional standards that our customers have come to expect.”
When F&D began 1890 with five employees it had one office and two independents agents. Today it has grown into Zurich Surety of North America with 250 employees, 38 locations, and 2,250 surety agencies and brokers.
The founder of the F&D, Edwin Warfield (who later became the governor of Maryland), developed the concept of the corporate surety which would demonstrate the integrity and possess the resources to fulfill the promises inherent in surety and fidelity bonds. Thus the concept of corporate suretyship was born and the F&D was at the forefront of innovation to grow the surety business in North America.
More information on the 125th Anniversary of Zurich Surety is available at http://www.zurichna.com/zna/surety/surety125.htm
About Zurich
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With more than 55,000 employees, it provides a wide range of general insurance and life insurance products and services. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, including multinational corporations, in more than 170 countries. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.
In North America, Zurich is a leading commercial property-casualty insurance provider serving the global corporate, large corporate, middle market, specialties and programs sectors through the individual member companies of Zurich in North America, including Zurich American Insurance Company. Life insurance and disability coverage issued in the United States in all states except New York is issued by Zurich American Life Insurance Company, an Illinois domestic life insurance company. In New York, life insurance and disability coverage is issued by Zurich American Life Insurance Company of New York, a New York domestic life insurance company. For more information about the products and services it offers and people Zurich employs around the world go to http://www.zurichna.com. 2012 marked Zurich’s 100 year anniversary of insuring America and the success of its customers, shareholders and employees.
