February 16, 2018 by Greg Dalgetty, Editor
This an edited excerpt from our December issue, where we talked to the CEOs of some of Canada’s largest insurers. Read the full story here.
Continuing to develop strong relationships with its brokers will remain a key priority for Trisura Guarantee in 2018, says president and CEO Mike George.
“The reason for our success has been because of the broker support we’ve received,” he reflects. “There is no plan B—we live and die with the broker. I also happen to believe we have the best and most engaged team in the business. Working with great brokers and having great people is a winning combination.”
George says the company’s biggest challenge will be remaining relevant to brokers in an “incredibly competitive” insurance market. Trisura plans to follow a three-pronged strategy to ensure it continues to meet the needs of brokers.
“One, we have to get bigger, increase our capacity and be able to help our brokers with even their largest clients,” George says.
The company also intends to double down on its existing strengths.
“Even in areas like professional liability, where we’re really good now, we have to continue to push the envelope and start writing more and more segments of that business over time,” George explains.
Third, Trisura plans to broaden its product spectrum.
“Cyber is an example. We’ve embraced that challenge,” George says. “We’ve been offering that for a couple years now and some of it is embedded in our core products already. We also have a standalone product that we’re now able to support.”
Trisura also recently bolstered its book of business with the addition of RSA Canada’s contract and commercial surety business, which consists of approximately 450 accounts with annual premiums in excess of $6 million.
The majority of the accounts involved in the deal are small to midsize contractors, which George describes as the “bread and butter” of Trisura’s business.
“It ended up being a perfect fit for us. A lot of the brokers who were using RSA for this business are brokers we already deal with. There are also a few new ones, which is a win for us.”
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This story was originally published by Canadian Insurance Top Broker.