Trisura Group Ltd. a specialty insurance provider, has acquired Sovereign Insurance’s surety business in Canada.
The deal will provide Trisura with access to a portfolio of contract, commercial and developer surety accounts, which in 2021 produced an annual premium of over $16 million CAD.
Moreover, the acquisition also strengthens Trisura’s surety operation in Canada.
In a press release, it notes that Sovereign Insurance exits the surety business in Canada to focus more closely on its core commercial and specialty lines business.
Chris Sekine, president and CEO of Trisura Canada, commented: “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.”
Richard A. Grant, senior vice president, surety for Trisura Canada, added: “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.”
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.”
