Red Rock Insurance Services has partnered with The Insurance Company of Prince Edward Island (ICPEI) to create products that aim to address gaps in the Canadian trade credit insurance market.
The two organizations will use their combined expertise and resources to offer products designed to safeguard businesses against credit defaults and insolvencies, a press release said.
“This partnership presents a remarkable opportunity for Red Rock Insurance Services to be aligned with a prominent Canadian insurance provider that is dedicated to serving the Canadian market,” said Peter Graham, president of Red Rock Insurance Services.
Red Rock Insurance Services is a managing general agent offering a distinctive non-cancellable credit insurance solution across Canada. It was founded in 2012 and is poised to amplify its reach by partnering with ICPEI.
ICPEI offers home, auto, and commercial insurance sectors through an extensive network of brokers across Atlantic provinces, Quebec, Ontario, and Alberta. It is the largest insurer headquartered in the Maritimes and has plans to expand its operations to British Columbia.
Desjardins General Insurance holds a 27.5% ownership stake in ICPEI. The company is also a member of the Property & Casualty Insurance Compensation Corporation, which offers protection to policyholders against insolvent insurers, as well as the Facility Association of Canada and the Insurance Bureau of Canada.
“The underwriting authority granted through this agreement will allow Red Rock to have an immediate and meaningful impact,” Graham said.
“The Canadian trade credit insurance market consists principally of multinational corporations with complex tiers of underwriting authority. There exist numerous gaps in coverage that we aim to address. We are excited by what we believe we can achieve together.”
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