WOODBURY, N.Y., Aug. 9, 2012 /PRNewswire/ -- Sterling & Sterling, Inc., a top 40 privately owned insurance agency, and The Hyde Agency, the oldest established surety bond provider in New York City, announced today their intention to form a Joint Venture under the name SterlingHyde Group. This new entity will focus on the placement of multi-million dollar construction insurance and surety bond programs.
SterlingHyde will capitalize on its combined Property & Casualty insurance and surety underwriting expertise to create a firm that will provide comprehensive solutions to a wide array of domestic and international clients. They will work with both contractors and project owners to provide a broad range of traditional and alternative programs along with a team of safety and claims specialists dedicated to the construction industry.
With the new firm's combined experience of over 170 years in the surety and insurance businesses, the Partners of SterlingHyde are decidedly optimistic about the future of this new endeavor. David Sterling, Sterling & Sterling's Chairman and Chief Executive Officer, said, "We at Sterling & Sterling are thrilled to join forces with The Hyde Agency. Together we will be positioned to provide our construction clients with an insurance and surety solution to fulfill their every need."
Commenting on the new initiative, Hyde partner David Smith said, "We're excited about the capabilities of SterlingHyde Group. We had assembled a team of nationally recognized surety specialists and now, as a result of our association with Sterling & Sterling, we are positioned to provide that same level of experience and expertise in meeting the insurance and risk management requirements of our clients."
Sterling and Sterling, headquartered in Woodbury, New York, employs over 180 leading insurance professionals in nine offices and consistently ranks among the top 40 privately held brokerages in the United States.
The Hyde Agency, located in New York, New York, is a specialty surety bond broker. Since 1921 they have been the leading source of bonds for the legal community and are staffed by a proven team of contract surety professionals to serve the highly competitive construction industry.
SOURCE Sterling & Sterling, Inc.