EAST PROVIDENCE – Starkweather & Shepley Insurance Brokerage Inc., acquired Byrne Bonding & Insurance for an undisclosed sum on Tuesday.
BBI, currently located in Rumford, will become a division of Starkweather and relocate to the company’s home office in East Providence.
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The two companies have had a working relationship through mutual clients for more than eight years, a news release said.
“Entering a niche market such as surety bonding allows us to expand our product line … it is part of our strategic plan to grow the company as a whole and merging our resources with that of BBI’s is going to allow us to do just that,” said Nat Calamis, president & CEO of Starkweather.
“This acquisition will allow us to provide our traditional insurance products and services in a new market,” he added.
David Byrne, BBI founder, will be the vice president and bond manager for the bond accounts department; Charles Byrne and Denise Chianese will also be brought on to Starkweather.
According to Byrne, the current economic climate has resulted in fewer construction projects and more contractors looking for work, which translates into many construction firms being forced to seek smaller or larger projects than they are accustomed to bidding on in order to keep up cash flow.
“Now more than ever it is important to make sure that construction contractors have the right bond and insurance agent to ensure that their business plans will be supported,” said Byrne.
Starkweather has branch offices in West Warwick, Westerly, Westwood, Mass., and Martha’s Vineyard.
