US insurance brokerage Bowen, Miclette & Britt Insurance Agency (BMB) has announced the acquisition of M Surety Services, bolstering its presence in the contract surety bond market.
The financial terms of the transaction were not disclosed.
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Founded in 2018, M Surety Services is engaged in offering contract surety bonds, which are said to enable contractors to secure the highest bond capacity at the most competitive rates.
A surety bond serves as a risk transfer tool, where an insurer guarantees the beneficiary that the contractor will fulfil their contractual duties, with monetary compensation provided in case of non-compliance.
M Surety Services has distinguished itself through an underwriting process that allows clients to concentrate on their primary business activities, such as winning and executing profitable projects, while the company handles their bonding requirements with proficiency.
Post-acquisition, M Surety will continue to operate from its current location in The Woodlands, Texas.
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By GlobalDataThe acquisition unites the strengths of both BMB and M Surety Services, promising clients access to greater resources, enhanced industry knowledge, and a broader range of services.
BMB chief operating officer Paul Cerone said: “Our acquisition of M Surety Services marks another significant step in our strategic plan to enhance our presence in the surety and construction sectors.
“M Surety’s expertise aligns perfectly with our mission to provide best-in-class products and services. Their experienced team of specialists and client-first approach will be a tremendous asset to our organisation.”
M Surety Services president Justin McQuain said: “Joining BMB was a natural choice for us because of their incredible reputation, the strength of their people, and their culture. Their core values align perfectly with ours, and that was very important in making this decision.
“We are excited to move from being a bonds-only agency to becoming a full-service insurance provider. This partnership allows us to offer a broader range of products and resources, positioning us to be the total risk management solution for our clients.”
In addition to surety bonds, BMB provides an array of services including commercial and personal insurance, employee benefits, and risk management.
This acquisition news comes on the heels of US-based Core Specialty Insurance’s foray into the contract surety market last month, which itself followed the launch of its surety division in November 2023 and the acquisition of American Surety Company in 2024.
