November 1, 2017 by Jason Contant, Online Editor
The management teams of both Trisura and RSA Canada continue to work closely together to ensure a smooth transition of RSA’s contract and commercial surety business in Canada to Trisura Guarantee Insurance Company.
“Our primary objective is to ensure minimal impact to brokers and to their clients,” Paul Lucarelli, senior vice president of commercial insurance at RSA Canada, told Canadian Underwriter.
Lucarelli reported that Trisura is in the process of contacting all impacted brokers to discuss the plan for transition of accounts and to address any concerns they may have. “It is important to noted that although the accounts are being transferred to Trisura, bonds issued by RSA remain in force and we will continue to manage in-force bonds until their expiry,” he said. “In the rare cases where Trisura cannot offer a solution to a client, RSA will provide continued support up to Dec. 31, 2017 in order to assist brokers in remarketing the account,” Lucarelli said, adding that the transition is also expected to be complete by year-end.
Earlier this week, Trisura Group Ltd. and RSA Canada announced the transition of RSA’s contract and commercial surety business to Trisura Guarantee Insurance Company. RSA’s Canadian surety portfolio consists of approximately 450 accounts with annual premium in excess of $6 million, Trisura said in a press release on Monday.
“There are no plans outside of the surety transfer,” Lucarelli told Canadian Underwriter, adding that RSA does not have any surety business outside of Canada.
When asked what prompted the decision to transition RSA’s surety business to Trisura, Lucarelli noted that RSA’s commercial business is “committed to growing its Global Specialty Lines business and putting a strong focus on segments where it can bring a differentiated proposition and expertise. It was a strategic decision, in line with our growth strategy, to transition our Canadian surety business to Trisura to maintain our focus on those segments.”
Trisura’s commitment to “supporting small and mid-size Canadian contractors, combined with their niche expertise in surety, made the company the right choice for RSA to transition our surety business,” Lucarelli said.
Chris Sekine, senior vice president of surety at Trisura Guarantee, agreed that “RSA Canada’s surety business is a great fit for Trisura Guarantee. [It] allows us to further strengthen our position in the Canadian marketplace as a market leader in the small to mid-size contractor space. The transfer aligns well with our strategy of enhancing services to this segment,” he added in the release.
Trisura Group Ltd. is an international specialty insurance provider operating in the surety, risk solutions, corporate insurance and reinsurance segments of the market. The company has three principal regulated subsidiaries: Trisura Guarantee Insurance Company, Trisura International Insurance Ltd. and Trisura Specialty Insurance Company. Trisura Guarantee Insurance Company is a Canadian specialty insurance and surety company with offices across Canada, providing customized solutions and expertise through a select broker network. Trisura Guarantee offers contract, commercial and developer surety, directors’ and officers’ liability, fidelity and professional liability, including media and cyber liability, and warranty products.
The RSA Canada group of companies includes Roins Financial Services Limited, Royal & Sun Alliance Insurance Company of Canada, Quebec Assurance Company, Johnson Inc., Unifund Assurance Company, Western Assurance Company, Ascentus Insurance Ltd., Canadian Northern Shield Insurance Company and RSA Travel Insurance Inc. (collectively RSA Canada) and is part of a group of companies headed by RSA Insurance Group Plc. RSA Canada employs more than 3,000 people across Canada and is one of the oldest insurance companies in the country with roots dating back to 1833.