March 29, 2022, Miami, FL – Nielson, Hoover & Company, Inc. (NHC), America’s number one provider of surety bonds, is proud to announce that Smith Insurance has merged with NHC and joined forces with Acrisure, LLC as an Agency Partner. According to the August 2021 edition of “Insurance Business Journal”, Acrisure is the second largest insurance broker in the U.S. with an estimated annual revenue of $3.2 billion. Smith Insurance & Bonds will be collaborating and working side by side with Nielson, Hoover & Company (an Acrisure Agency Partner). NHC is the largest writer of surety bonds in Florida and top 10 in the U.S.
Matt Smith, President of Smith Insurance & Bonds, has more than 20 years of commercial construction insurance and surety bond industry experience. Matt and his team have built a strong reputation and proven track record of providing contractors with strategic risk management and surety solutions. “It’s great when you have a team of like-minded thinkers that join together to become an even stronger force in the industry”, said Smith. “I’m excited about our future and growth opportunity as a result of this partnership.”
Smith Insurance & Bonds footprint has grown to cover the entire state of Florida and continues to be a leader in the construction focused surety and insurance industry. Their merger with NHC will add a new level of strength and market availability to deliver more products to their current and future client needs.
About Nielson, Hoover & Company, Inc.
Nielson, Hoover & Company (an Acrisure Agency Partner) is America’s number one provider of surety bonds. They bond more projects than any other agency. Throughout the years, NHC has developed a deep understanding of the surety industry. This knowledge allows them to provide superior services and a comprehensive solutions way to maximize your bonding capacity with the best terms and conditions. They have the capacity and experience it takes to support the largest national contractors and the hometown knowledge and personal service to ensure mid and small size contractors receive the same attention and expertise. NHC does business with over fifty sureties which ensures you will be matched with the surety that is best for your need. As your needs change, they have the market that will best match your changing needs. Whether you are out growing your existing relationship, or have gone through some difficult times, they can help you.
Nielson, Hoover & Company is the largest independent surety agency in the Southeast with offices in Miami, Palm Beach, Orlando, Tampa, Pensacola, Atlanta, Savannah, and Asheville. They have an extensive network of more than 20 experienced surety bond specialists. Their producers average over 20 years each in the industry with their customer service representatives averaging nearly 15 years.
To learn more about how Nielson, Hoover & Company can help you obtain the best rates and most favorable terms and conditions, please visit www.nielsonbonds.com or call 305.722.2663.
About Smith Insurance & Bonds
Located in Fort Myers, Florida, Smith Insurance & Bonds has been supporting the construction industry for nearly a decade. They are commercial insurance specialists with an extensive knowledge of general liability, commercial auto, equipment, contractors, builders' risk, and workers compensation insurance. They understand the bidding process, contracts, and the effect they have on the bottom line. Smith Insurance & Bonds has a wide variety of insurance carriers to meet client’s needs. They pride themselves on delivering a mutually rewarding surety and insurance experience to their clients in a professional, optimistic, and ethical manner.
1. Understanding the $1.2 trillion Infrastructure Bill and why is it important your business?
When the President signed the $1.2 trillion Bipartisan Infrastructure Investment and Jobs Act (IIJA) on Nov. 15, 2021, it had bipartisan support from the both the house of representatives and the senate. What the construction industry needs to know is that, according to Investopedia, the bill includes $650 billion in funding typically earmarked each year for highways and various other infrastructure projects and $550 billion in new spending that could create incredible growth for the construction industry.
2. What’s in the bill and how will it impact construction spending?
The Bipartisan Infrastructure Bill offers an extensive list of projected benefits that would create new jobs, more projects, and increased construction spending.
Here are some of the construction-related areas that would receive the majority of the funding as a result of the bill:
- $110 billion for roads and bridges
- $66 billion for railroads
- $65 billion for the power grid
- $65 billion for broadband
- $55 billion for water infrastructure
- $39 billion for public transit
- $25 billion for airports
- $21 billion for the environment
- $17 billion for ports
- $8 billion for western water infrastructure
- $50+ billion for cybersecurity and climate change
- $7.5 bill for electric vehicle charging stations
According to Moody’s Investors Service, even without the bill, construction spending has been growing. In their Sector In-depth report, they state: “For 2022, we project U.S. construction spending to grow at 3.2% and 3.4%, respectively, primarily driven by stable residential and public construction activity and a recovery in nonresidential spending.”
Again, what the industry needs to know is that according to Moody’s Investors Service, that with the infrastructure bill, construction spending could see a 5% growth increase in 2022 and a 5.5% growth increase in 2023.
3. Overcoming workforce and supply chain shortages
With the new Bipartisan Infrastructure Bill, the construction industry should experience a significant windfall. However, with labor issues caused by COVID-19, global supply chain shortages and higher material prices, there are various sectors within the industry that may have to overcome some hurdles to benefit from the act.
Based on a workforce survey conducted by The Associated General Contractors of America (AGC) along with Autodesk, 88% of the surveyed construction firms were experiencing project delays. Of those, 75% surveyed blamed longer lead times and material shortages as the primary reasons.
According to the AGC, 61% of firms surveyed say “projects are being delayed because of workforce shortages. And delays due to the lack of approvals or inspectors, or an owner’s directive to halt or redesign a project, were each cited by 30 percent of contractors. An even higher percentage of firms, 93 percent, report that rising materials costs have affected their projects. These rising materials costs are undermining firms’ abilities to profit from the work they have, with 37 percent reporting they have been unsuccessful in passing those added costs onto project owners.”
Facing these and several other challenges, many construction firms are turning to company’s who have a deep understanding of their business and how to navigate the risks.
4. Preparing for the influx of IIJA spending
With the significant dollars that will be flowing because of the IIJA, construction companies are taking steps to make sure they’re ready when the $1.2 trillion infrastructure package hits the streets. They are reaching out to a variety of resources to better position themselves to secure upcoming projects, including the surety industry.
For more than a hundred years, the federal government has recognized the importance of payment and performance bonds and the protection bonds provide. SFAA President and CEO, Lee Covington, said “Investing in infrastructure will create millions of jobs across the country, growing our national and local economies in both the short and long term,” said SFAA president and CEO, Lee Covington. “The surety industry fully supports this investment and will continue to provide the essential protections necessary to support our country’s infrastructure needs through our suite of products and services.”
5. How Nielson, Hoover & Company can help
Whether you need your first bond or as an established company you’re looking to obtain greater capacity and better terms, NHC’s knowledge and customized surety solutions will deliver better results than anyone else in the industry.
At NHC, our commitment is ongoing. We will continually engage with you, learning everything we need to better understand your business. Here’s what our unparalleled experience offers you.
Over the years, Nielson, Hoover & Company has established an outstanding reputation in the industry. We’ve developed and maintained strong relationships with the nation’s top surety providers. As a result, we have better access to key decision makers, which enables us to better negotiate for our clients.
The reason more and more companies look up to us is because we continually look after them by delivering the best surety options, period. Unlike most surety bond providers, the company is not beholden to any single insurance company. Instead, it represents more leading sureties than any other agency nationwide. This adds up to more options, more negotiating leverage, and, ultimately, better terms and enhanced services for clients.