Trisura Guarantee Insurance Company: Everything you need to know
Offices in Canada: 6
A.M. Best financial strength rating: A- (Excellent)
Average growth year-over-year: 25%
*As of January 14, 2019
Trisura Guarantee Insurance Company is a specialty lines insurance firm that has offices in major cities across Canada, including Toronto, Montréal, Vancouver, Québec City, Calgary, and Halifax. The company is focused on mid-market risks in contract and commercial surety, directors’ and officers’ liability, fidelity, professional liability, including media liability, and warranty products.
Trisura works in partnership with a select broker network to bring niche-oriented solutions to Canadian businesses.
One of its specialty insurance offerings includes cyber insurance, which is particularly important for small and medium-sized businesses that continue to be under-prepared for cyber incidents.
“There’s a lot that has to be done from a pre-breach assessment and analysis as well making sure your security protocols, policies and procedures are in place, the software’s up to date and patched,” said Michael Kalakauskas, national underwriting specialist for Trisura Guarantee Insurance Company. “For SMEs, a lot of the time they don’t even have an IT group so they’re looking for the president or the CFO to fill that role, whereas they definitely need to have someone who’s responsible for it or hire an outside party to come in and evaluate all their protocols and make sure they’re up to speed.”
From the ground up
Trisura was founded in 2006 by its current CEO and president, Mike George, along with Bob Taylor and John Garner. It was built on the values of exceptional service, innovative products, and hard work in order to create a company with whom brokers would want to do business. From its humble beginnings, Trisura has evolved its products and team demographics, adding some younger faces to its workforce.
“When we first started the company, the first 15 to 20 people in the door were more or less seasoned veterans,” explained George. “We’re now six times that size, so we’re 120 people today, and we’ve got a very young average age in terms of our workforce, and we have a lot of millennials and young folks who are roaming our halls. There’s no question that we’ve had to think about what are the things that make them tick and what are they interested in, and then trying to actually create an environment that they will not only enjoy, but they’ll thrive in.”
Bringing brokers and communities together
Trisura does its part for the communities in which it works, bringing together brokers in the process. At its seventh annual charity softball tournament, more than 200 people from Ontario’s brokerage community gathered in Richmond Hill to knock some balls out of the park, and, in the meantime, raised over $20,000 in donations for the Ontario chapter of the Children’s Wish Foundation of Canada.
“Seeing over 200 people from the brokerage community and Trisura sharing a day and giving back to the community gave me goose-bumps. It reminded me that relationships and partnerships are vitally important, and that even the fiercest of competitors can come together for a good cause. That is what’s truly important, and I wish the world would take note,” commented George. “Our core values define us as an organization and as a team. They help guide us and ground us in an increasingly complex, difficult and hostile world. And they help us keep it real.”
Trisura’s leader is on the board of the Ontario chapter of the Children’s Wish Foundation, and is also a past chair of the annual Covenant House Executive Sleep Out in Toronto and previously participated on the national Council of Champions for Big Brothers, Big Sisters Canada.
Top of the charts
Trisura has landed on several ‘top employer’ lists, such as Aon’s best small and medium employers ranking in Canada for 2019 and Mediacorp Canada’s list of the top small and medium-sized employers in the country in 2018, which specifically highlights SMEs with forward-thinking people programs.
A competitive insurance landscape means that standing out is harder than blending into the crowd, but Trisura has found success as both a business and employer.
“We’re an insurance company – our products are easily copied,” said George. “The true differentiator and our real competitive advantage is our people and the culture that we’ve created. So, we very much value our team and our staff, and we invest a lot of time, energy, [and] effort into continuing to develop and cultivate them, and we’ve really worked hard at building a great corporate culture.”
In 2018, Trisura also landed on the 2018 Growth 500 list due to its five-year revenue growth of 125%.
“We haven’t really grown through acquisition, so virtually all our growth has been organic and that to me is even more gratifying,” said George. “We recognize that in a very competitive environment, we need to continue to remain relevant with our brokers and we need to do things, like increase our appetite for business, broaden the products and services that we offer, and continue to increase our capacity to be able to handle larger clients over time.”