RSA Canada transfers surety business to Trisura

RSA Canada transfers surety business to Trisura | Insurance Business

RSA Canada transfers surety business to Trisura
RSA Canada and Trisura have jointly announced that the former has agreed to transition its contract and commercial surety business in Canada to the latter’s Trisura Guarantee Insurance Company.

A release said that RSA’s surety portfolio consists of about 450 contract and commercial surety accounts with annual premium in excess of $6 million.

The management teams of both companies will cooperate to ensure a smooth transition of business.

Search and compare insurance product listings for Bonds and Surety from specialty market providers here

“At RSA, our commercial business is focused on providing industry-leading service and expertise to our brokers and their customers,” said RSA Canada Commercial senior vice-president Paul Lucarelli. “An important aspect of this strategy is growing our global specialty lines business and putting our focus on segments where we can bring a differentiated proposition and expertise. We’ve made a strategic decision to transition the Canadian surety business to Trisura to maintain our focus on those segments and customers.”

“RSA Canada’s surety business is a great fit for Trisura Guarantee and allows us to further strengthen our position in the Canadian marketplace as a market leader in the small to mid-size contractor space,” commented Trisura Guarantee Surety senior vice-president Chris Sekine. “The transfer aligns well with our strategy of enhancing services to this segment. Our main focus will be to ensure a smooth transition with minimal disruption to brokers and their clients.”

Related stories:
RSA Canada deploys new claims management system
Trisura completes spinoff from Brookfield