Zurich Celebrates 125 Years in the Surety Business
June 29, 2015 - Zurich Insurance this month is marking the 125th anniversary of Zurich Surety, the first nationally operated and longest continuously operating surety provider in the United States. Founded as the Fidelity Loan & Trust Co. of Baltimore City in February of 1890, in June of 1890 the name was changed to the Fidelity and Deposit Co. 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 approved for bonds for the federal government; first to combine two or more contractors on one bond to jointly handle large construction projects; and first 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.
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. Founder 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.
