November 30, 2017 by Staff
Trisura Group Ltd. has agreed to acquire the remaining 40% management interest in its Canadian subsidiary, which holds Trisura Guarantee Insurance Company. Trisura currently holds a 60% interest.
Under the agreement, current employees and directors of Trisura Guarantee will exchange their shareholdings in the company for common and preferred shares of Trisura. The move is expected to bring Trisura’s debt-to-capital ratio below its target maximum of 20%.
“The management and employee shareholders of Trisura Guarantee are pleased to have reached an agreement to exchange our current shareholding for a significant stake in Trisura, the global public entity,” Mike George, president and CEO of Trisura Guarantee, said in a statement. “The share exchange will enable us to participate in the future growth of Trisura, as well as [help] us achieve our strategic initiatives in Canada and abroad.”
The deal was approved unanimously by Trisura’s board of directors.
“This transaction better aligns management interests across Trisura with our shareholders, allows all members of our team to participate in Trisura’s growth and simplifies our corporate structure,” Greg Morrison, president and CEO of Trisura, said in a statement.
This story was originally published by Canadian Insurance Top Broker.