Federated Mutual Insurance Company Acquires Granite Re, Inc.
For Immediate Release
Sept. 18, 2017
For more information, contact:
Pat Cooper, Executive Vice President – Director of Communications and Corporate Support
(Owatonna, MN) – Federated Mutual Insurance Company has acquired Granite Re, Inc., a leading provider of surety bonds for small- to medium-sized contractors. The acquisition better positions Federated Insurance to partner with commercial contractors for their surety and bonding needs.
Oklahoma-based Granite Re, Inc. was established in 1986, and is one of the top 40 surety writers in the United States, now with bonding capabilities in 40 states with plans to expand to all states in which Federated Mutual is license for Property and Casualty. The company’s core principles are providing tailored products to meet client needs, a commitment to quality service, and a focus on the customer. Granite Re, Inc. is now rated A (Excellent) by A.M. Best® Company and maintains a certificate of authority from the U.S. Treasury Department.
Granite Re also has strong ties with associations, including National Bond Claims Association, National Association of Surety Bonds Producers, Surety & Fidelity Association of America, National Association of Independent Sureties, American Subcontractors Association, and Surety & Fidelity Claims Institute.
Jeff Fetters, Chairman, President & CEO of Federated Insurance Companies, stated, “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, Inc. 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, echoed Mr. Fetters’ sentiments, “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.”
Founded in 1904, Federated Insurance is a national insurance and risk management organization that serves the property, casualty, and life insurance needs of clients in select industries. The organization has more than 500 recommendations from state, regional, and national associations and buying groups and is rated A+ (Superior) by industry analyst A.M. Best.