ONTARIO, Canada (Commonwealth Union)_ Trisura Group has reached an agreement with the Sovereign General Insurance Company to acquire its Canadian surety business. The transaction expands Trisura’s surety business in Canada by providing access to a portfolio of contract, commercial, and developer surety accounts that generated more than $16 million in annual premiums in 2021. Sovereign General Insurance Company, the Canadian property and casualty insurer, specializes in business lines. Trisura Group is a Toronto Stock Exchange-listed multinational insurance company specializing in surety, risk solutions, corporate insurance, and reinsurance.
Chris Sekine, president and CEO of Trisura Canada, said: “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”. According to Richard A. Grant, senior vice president, surety for Trisura Canada, the acquisition is expected to “significantly enhance” agency’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,” he added.
After strategically exiting the surety industry in Canada, Sovereign Insurance will concentrate more on its major commercial and specialty lines business. Colette Taylor, COO of Sovereign Insurance, said: “Sovereign Insurance’s decision to divest of our Surety business is part of a longer-term strategy to focus on our core business. 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.”
Sovereign Insurance group has branches throughout Canada, including Vancouver, Calgary, Winnipeg, Toronto, Montreal, and Halifax. The Sovereign employs nearly 270 staff nationwide. The Sovereign works through a national network of independent brokers. Trisura Group comprises three major regulated subsidiaries namely Trisura Guarantee Insurance Company, Trisura International Insurance, and Trisura Insurance Company.
