TORONTO, September 30, 2022 (GLOBE NEWSWIRE) – Trisura Group Ltd. (“Trisura”) and Sovereign General Insurance Company (“Sovereign Insurance”) are pleased to announce Trisura’s acquisition of Sovereign Insurance’s bond portfolio in Canada . Following this transaction, Trisura will acquire a portfolio comprising contractual accounts, commercial accounts and real estate surety accounts. In 2021, these accounts represented total premiums in excess of CAD 16 million. This acquisition will strengthen Trisura’s surety business in Canada. Sovereign Insurance is leaving the surety business in Canada to focus its efforts on its core business of commercial and specialist solutions.
“The acquisition of Sovereign Insurance’s bond portfolio is exactly the nature of Trisura’s business. It will not only allow us to consolidate our position as a leader in the Canadian bond market, but also support our growing North American bonding platform, ”said Chris Sekine, President and CEO of Trisura Canada. Senior Vice President of Trisura Canada, Surety, Richard A. Grant, added: “This acquisition will further strengthen Trisura’s positioning in Canada in the developer market segment and in the intermediate market for what is the contractual link. By working closely together, Trisura and Sovereign Insurance will ensure a smooth transition for our brokers, their clients and sovereign insurance professionals. ”
“Sovereign Insurance’s decision to dispose of its bond portfolio is part of a long-term strategy to focus on our core businesses,” said Colette Taylor, Chief Operating Officer of Sovereign Insurance. We are confident that Trisura is a tailor-made partner for us. Indeed, this company has an enviable reputation, is an established leader in the bond market and shares our values with respect to its commitment to its brokers, customers and employees. “
Gruppo Trisura Ltd. is a specialist insurance provider operating in the surety, risk solutions, commercial insurance, insurance and reinsurance market segments. The Trisura Group has investments in wholly-owned subsidiaries through which the Trisura Group carries out its insurance and reinsurance business. These activities are mainly carried out in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.
Information on sovereign insurance
Sovereign General Insurance Company (“Sovereign Insurance”) enables Canadian businesses to succeed by developing and delivering customized and reliable risk solutions. We are passionate about protecting Canadian businesses and the communities they serve. Whether you are a partner, customer or employee, Sovereign Insurance sincerely believes that your respective experiences are important. Canadian-owned and operated since 1953, Sovereign Insurance is a wholly owned subsidiary of Co-operators General Insurance Company, a Canadian leader in multi-product insurance and financial services with $ 9 billion in assets. Sovereign Insurance operates six offices across Canada and is proud to have achieved an A (Excellent) rating from AM Best. To learn more about us, visit our website at Sovereign – Home Page | Sovereign insurance.
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