Berkshire Hathaway Specialty Insurance (BHSI) has entered the surety market in Ireland, appointing Sean Mulvey as head of surety to lead the new line.
The move gives brokers and construction clients in Ireland an additional source of bonding capacity as the state's infrastructure pipeline remains substantial under the National Development Plan 2021-2030, which allocates more than €150 billion in capital investment across transport, housing, health and energy projects. Surety bonds are a standard requirement on many public and private contracts, providing protection if contractors do not fulfil their obligations.
“As we continue to expand our capabilities in Ireland, we are excited to provide surety bonding solutions to leading construction firms for major national and international projects here,” said Caoimhe Gormley, country manager, Ireland, BHSI. “Sean’s deep experience and leadership, combined with BHSI’s long-term view, strong credit rating and financial strength, will provide certainty and stability to companies as they pursue opportunities and help deliver critical infrastructure.”
Mulvaney has more than a decade of experience in surety underwriting and corporate banking. He is based in Dublin.
BHSI’s entry represents the continued shift away from sole reliance on bank guarantees towards insurer-backed surety, as contractors look to preserve banking lines and diversify their sources of security. Across Europe, insurers have been steadily increasing their share of the surety market, supported by growing familiarity among project owners and lenders with insurer-issued bonds and by tighter banking capital requirements.
BHSI’s balance sheet is likely to be a key factor in broker and client discussions. The company is backed by Berkshire Hathaway, one of the world’s largest insurance and reinsurance groups, which holds high financial strength ratings from major rating agencies and is known for a long-term underwriting stance. That level of credit quality is often scrutinised by public authorities and financiers when deciding whether to accept a surety provider on large-scale schemes.
The launch also comes against a backdrop of elevated construction risk. Inflationary pressures, supply chain disruption and contractor failures in recent years have sharpened focus on counterparty resilience and the robustness of performance security. For brokers, the arrival of another global carrier in the Irish surety market broadens available options for mid-sized and major contractors, particularly those active on cross-border or multinational projects.
Mulvey is expected to work closely with intermediaries, construction firms and financial institutions to build an Irish surety portfolio, with attention likely to focus on the types of projects and contractor segments BHSI targets and how quickly it deploys capacity.
In a competitive but still relatively concentrated class, the carrier’s appetite, pricing discipline and approach to indemnity and security will be watched closely by the market.
