TORONTO, Sept. 30, 2022 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura”) and The Sovereign General Insurance Company (“Sovereign Insurance”) are happy to announce the acquisition by Trisura of Sovereign Insurance’s surety business in Canada. The deal offers Trisura with entry to a portfolio of contract, industrial and developer surety accounts, which in 2021 produced an annual premium of over $16 million CAD. The acquisition strengthens Trisura’s surety operation in Canada. Sovereign Insurance exits the surety business in Canada to focus extra intently on its core industrial and specialty traces business.
“Sovereign Insurance’s surety business is a great fit for Trisura as it allows us to further our position as a leader in the Canadian surety marketplace, while supporting our growing North American surety platform,” says Chris Sekine, president and CEO of Trisura Canada. Richard A. Grant, senior vp, surety for Trisura Canada, provides, “The acquisition will significantly enhance Trisura’s position in the developer and mid-market contract surety segments in Canada. Together, Trisura and Sovereign Insurance will be focused on ensuring a smooth transition for our brokers, their clients and Sovereign Insurance’s people.”
“Sovereign Insurance’s decision to divest of our Surety business is part of a longer-term strategy to focus on our core business,” stated Colette Taylor, COO of Sovereign Insurance. “We’re confident that we’ve found a good fit in Trisura, a well-known, established leader in the surety market and a company that shares similar values in its commitment to its brokers, clients and employees.”
About Trisura:
Trisura Group Ltd. is a specialty insurance supplier working within the surety, threat options, company insurance, fronting and reinsurance segments of the market. Trisura has investments in wholly owned subsidiaries via which it conducts insurance and reinsurance operations. Those operations are primarily in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange beneath the image “TSU.”
About Sovereign Insurance:
The Sovereign General Insurance Company (Sovereign Insurance) empowers Canadian companies to succeed by growing and distributing threat options they belief and worth. Sovereign Insurance is obsessed with defending Canadian companies and the communities they serve and is pushed by the assumption that whether or not you’re a associate, consumer or worker, your expertise issues. Canadian owned and operated since 1953, Sovereign Insurance is an entirely owned subsidiary of The Co-operators General Insurance Company, a number one Canadian supplier of multi-line insurance merchandise with property of $9 billion. Sovereign Insurance operates in six places of work throughout Canada and is proud to hold an AM Best A (Excellent) score. To be taught extra, go to www.sovereigninsurance.ca.
For extra info, please contact:
Tania Washchuk
Director, Marketing and Communications
Trisura Guarantee Insurance Company
T: (416) 607-0145
E: [email protected]
Lori Abbott
AVP, Marketing
Sovereign Insurance
T: (416) 201-2244
E: [email protected]
