Trisura Group Ltd., a surety and commercial specialty insurer that was spun off this year from Toronto-based Brookfield Asset Management Inc., plans to begin writing insurance in the United States.
In a July 12 press release, Trisura said it “has received its Certificate of Authority from the Oklahoma Insurance Department for Trisura Specialty Insurance Company.”
Trisura’s business lines are surety, risk solutions, corporate insurance, and reinsurance, though it stopped writing new reinsurance business in 2008, Trisura stated this past May in a securities filing.
In addition to writing insurance in the U.S., Trisura U.S. plans to seek a rating from A.M. Best Company Inc., Trisura Group said July 12.
Trisura Group reported earlier its net premiums written were $19.4 million for the first three months of 2017. In the management discussion and analysis released with its 2017 financial results, Trisura Group said it plans to “recommence writing new business in the near future acting as a multi-line reinsurer in the international reinsurance markets.”
It has three principal regulated subsidiaries: Trisura Guarantee Insurance Company, Trisura Specialty Insurance Company and Trisura International Insurance Ltd. Trisura Group has a 60% interest in Trisura Guarantee with the other 40% held by members of the firm’s management team.
Trisura Group announced June 22 it completed its spinoff from Brookfield Asset Management Inc. As a result, Trisura is traded on the Toronto Stock Exchange and Brookfield no longer has any ownership interest in Trisura. Each Brookfield shareholder received one share of Trisura for every 170 Brookfield shares held and/or cash payment in lieu of fractional interests in Trisura shares.
Brookfield Asset Management said this past February it “has determined that specialty insurance no longer fits with its long-term plans.”
Surety – including performance, labour and material payment bonds, primarily for the construction industry – accounted for 36.1% of Trisura Group’s Q1 2017 gross premiums written while corporate insurance accounted for another 27.3%. Its corporate insurance coverages include directors’ and officers’ liability, errors and omissions, fidelity and a “business office package insurance for both enterprises and professionals.”
Risk solutions accounted for 36.6% of Trisura Group’s gross written premiums. This includes specialty insurance contracts, managed by program administrators, which “are structured insurance solutions to meet the specific requirements of program administrators, Managing General Agencies, captive insurance companies, affinity groups and reinsurers.