Berkshire Hathaway Specialty Insurance launches Irish surety division

Berkshire Hathaway Specialty Insurance has entered Ireland's surety market with the appointment of Sean Mulvey as head of surety, providing brokers and construction clients with additional bonding capacity as the state's infrastructure pipeline remains substantial under the National Development Plan 2021-2030, which allocates more than €150bn in capital investment across transport, housing, health and energy projects.

Insurance Business reported that surety bonds are a standard requirement on many public and private contracts, providing protection if contractors do not fulfil their obligations. The entry represents continued shift away from sole reliance on bank guarantees towards insurer-backed surety, as contractors look to preserve banking lines and diversify sources of security.

Caoimhe Gormley, country manager for Ireland at BHSI, said the company is excited to provide surety bonding solutions to leading construction firms for major national and international projects. She noted that Mulvey'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.

Mulvey has more than a decade of experience in surety underwriting and corporate banking and is based in Dublin. 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, backed by Berkshire Hathaway, one of the world's largest insurance and reinsurance groups holding high financial strength ratings from major agencies. 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.

Learn complete surety capabilities and market approach for the Irish division here.