CASE STUDY
Procore Risk Advisors Secures 67% Increase in Surety Capacity & Brings Southern Contractor to Puerto Rico
Strategic, Tech-Driven Surety Partnership Empowers Contractor's Growth and Geographic Expansion
The Challenge
A Texas-based full-service design-build firm operates extensively across the Western Rocky Mountains, East Coast, and Southern United States. Serving a diverse clientele—including commercial, medical, residential, and government sectors—the contractor is known for its efficient, well-organized project teams that maintain high-quality standards and prioritize project safety.
While in pursuit of a $10M project, the contractor faced significant challenges with their previous surety advisor, whose lack of responsiveness was putting the necessary bid bond in jeopardy. In addition, the contractor was seeking surety support for their vision of expanding their work in new geographies, including Puerto Rico.
The Solution
Partnering with Procore Risk Advisors, the contractor’s leadership team quickly recognized the advantages of working with a tech-enabled construction brokerage with extensive surety expertise.
Procore Risk Advisors assisted the firm in leveraging their existing Procore technology to showcase their superior operations. Using a tech-driven underwriting narrative, Procore Risk Advisors secured a competitive, long-term surety facility, enabling the contractor to achieve their strategic goals.
The Results:
Previous Program | ![]() |
|
Aggregate Capacity | $50M | $60M (+20%) |
Single Job Capacity | $12M | $20M (+67%) |
Bonding Support in Puerto Rico |
None | Full Support |
Bonding Rate | Higher | Lower |
Procore Risk Advisors stepped in to provide tailored solutions to address these challenges:
- Increased the contractor's single job capacity from $12M to $20M, a 67% increase
- Boosted their aggregate capacity from $50M to $60M, a 20% increase
- Offered full bonding support for projects in Puerto Rico, previously unsupported by their old surety
Conclusion
By switching to Procore Risk Advisors, the contractor significantly enhanced their bonding capacity, gained full support for new geographical markets, and lowered their overall costs. These improvements empowered them to pursue larger, more profitable projects and establish valuable partnerships, thereby solidifying their position as a competitive player in the construction industry.
LOCATION
Texas
FIRM TYPE
General Contractor
"The Procore Risk Advisors team has been an exceptional partner to us. Our long-term growth plan wouldn't be possible without the support they provide and the results they deliver. In my many years of experience with bonded construction projects, I have never met a surety broker that is more professional and responsive. I rarely offer a recommendation, but Procore Risk Advisors has certainly earned my respect and admiration."
Procore Risk Advisors (PRA) is a brand of Procore Insurance Services, Inc., a modern insurance brokerage offering Surety and Insurance products with its principal place of business at 221 W 6th Street, Suite 1800, Austin, TX 78701. Licensing Information
PRA-140-07-15-2024