Trisura Guarantee Insurance Company strengthened its presence in the small to mid-size contractor space, acquiring the majority of one Quebec firm’s contract and commercial surety business.
Trisura announced its acquisition of L’Unique General Insurance’s contract and commercial surety business in all provinces yesterday – with the exception of Quebec.
“The L’Unique surety business is a great fit for Trisura and allows us to further strengthen our position in the Canadian marketplace as a market leader in the small to mid-size contractor space,” says Mike George, president and CEO of Trisura. “Our main focus will be to ensure a smooth transition with minimal disruption to our brokers and their clients.”
The deal provides Trisura with approximately 400 contract and commercial surety accounts with annual premium in excess of $3 million, and adds several surety experts to its growing surety operation, the speciality insurance firm said in a statement.
“Surety business outside of Quebec represents a small portion of L’Unique’s overall business and the sale will allow us to focus on the Quebec market,” says Mario Cusson, president and COO of L’Unique. “L’Unique will remain committed to growing its surety operation in the province of Quebec.”
Trisura’s senior vice president of surety, Chris Sekine, said that the foundation of the construction industry in Canada is based on locally owned and managed contractors, many of which are small, but essential to the success of the industry.
“We believe the needs of smaller contractors are underserved in Canada,” says Sekine, “and the acquisition aligns well with our strategy of enhancing services to this segment.”
