Five Questions With: David J. Byrne III

Vice president and bond manager of the new surety bonding division at Starkweather & Shepley Insurance Brokerage Inc. talks about his new role . More

To continue reading this article, please do one of the following.



financial services

Five Questions With: David J. Byrne III

COURTESY STARKWEATHER & SHEPLEY
"We believe the resources that Starkweather provides along with the surety experience and bonding companies represented, enables us to increase our penetration with Starkweather’s Massachusetts and Connecticut offices."
Posted 6/26/12

David J. Byrne III has been appointed vice president and bond manager of the new surety bonding division at Starkweather & Shepley Insurance Brokerage Inc. Previously, Byrne was the owner of Byrne Bonding & Insurance LLC, which was acquired by Starkweather.

PBN: Byrne Bonding & Insurance has been a division of Starkweather & Shepley since December. How have operations been difference since the acquisition?

BYRNE: It has been different since Byrne Bonding & Insurance LLC was acquired by Starkweather & Shepley Insurance Brokerage Inc. Our level of surety activity has increased significantly since we are now physically located in Starkweather’s East Providence office. The proximity facilitates cross selling and new-account opportunities.

PBN: Have you observed products people seem to be favoring lately?

BYRNE: In the past six months I have not observed a demand for new products. However, I have witnessed an increasing need for our primary product, performance and payment bonds. With the difficult economy, users of surety bonds appreciate the protection that is provided at a very reasonable price and are now requiring bonds where they previously may not have even been considered.

PBN: Right now, what percentage of your business is commercial versus residential business?

BYRNE: Very little of our bond business is residential. Our surety income is generated primarily through construction projects that are fueled by the federal government or local states and municipalities. In addition, local banks and private lenders are also requiring bonds on construction projects that are owned privately to make sure that the project is completed according to all contract terms and that all the related bills are paid.

PBN: Are you looking to expand, and why or why not?

BYRNE: We are definitely looking to expand. We believe the resources that Starkweather provides along with the surety experience and bonding companies represented, enables us to increase our penetration with Starkweather’s Massachusetts and Connecticut offices.

PBN: Based on what you are seeing could you make a conclusion about construction and the economy for the next year or two?

BYRNE: It is very difficult to make any meaningful long-range conclusion about the construction or the economy. I am optimistic, however, that there is more work coming out to bid than we have seen in the past several years.

In addition, interest rates remain low, which encourages the private sector and many public improvement project scan no longer be postponed or delayed. It may not be tomorrow but better economic times are ahead.

Calendar
PBN Hosted
Events

Two Great Programs...One Great Event. PBN's Annual Celebration of Growth and Innovation is now underway. 2014 applications are now available. Deadline August 1st.
  • 40 Under Forty
    We're almost sold out. The 10th Anniversary of 40 Under Forty, and PBN is planni ...
  • Healthiest Employers
    See who the Healthiest Employers in RI are! And save the date - August 14th - at ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement