N.Y.-Based Broker Sterling & Sterling, Hyde Agency Form Joint Venture

Sterling & Sterling Inc. an insurance broker based in Woodbury, N.Y., and The Hyde Agency, a specialty surety bond broker in New York City, are forming 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 utilize its combined P/C insurance and surety underwriting expertise to create a firm that will provide services 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.

“Together we will be positioned to provide our construction clients with an insurance and surety solution to fulfill their every need,” said Sterling & Sterling’s CEO David Sterling.

Hyde partner David Smith added, “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 employs over 180 leading insurance professionals, with offices in New York, New Jersey, Connecticut, Florida, Utah and California. It ranks among the top 40 privately held brokerages in the United States, with premiums exceeding $450 million.