NECA Premier Partner Federated Insurance Acquires Granite Re, Inc.

BETHESDA, Md., Sept. 14 -- The National Electrical Contractors Association issued the following news release:

Federated Mutual Insurance Company, a National Electrical Contractors Association Premier Partner, has acquired Granite Re, Inc., a leading provider of surety bonds for small- to medium-sized contractors, as of Jan. 1, 2017, the company announced this week.

It is expected that Federated Insurance, a national insurance and risk management organization that serves the property, casualty, and life insurance needs of clients in select industries including electrical construction, will be better positions it to partner with commercial contractors for their surety and bonding needs after the acquisition.

"Having a reliable bonding avenue beyond what Federated currently offers will help reinforce our position as a valued partner in the commercial contractor industry," Jeff Fetters, Chairman, President & CEO of Federated Insurance Companies, said in a press release. "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."

Granite Re, Inc., based in Oklahoma, was established in 1986. It is one of the top 40 surety writers in the U.S., now with bonding capabilities in 40 states with plans to expand to all states in which Federated Mutual is license for Property and Casualty.

Said Kenneth Whittington, President of Granite Re: "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 its steadfast commitment to its clients, will drive Granite to new heights."