Smooth transition for Trisura’s new surety business after deal with RSA Canada: Trisura CEO

Mike George speaks to CITB about engaging with brokers after the announcement

The Canadian P&C industry discovered on Oct. 30 that RSA Canada’s contract and commercial surety business had moved to Trisura Guarantee Insurance Company. On Oct. 31, the Trisura team was raring to go in welcoming the brokers and clients behind that business.

Related: RSA Canada’s surety business moves to Trisura

“[On] Tuesday [Oct. 31], we were in touch with most of the brokers [in the] morning; we had underwriters assigned to those accounts; we were able to have an immediate discussion on which accounts we were going to be able to underwrite and help and which ones might be more problematic,” said Mike George, president and CEO of Trisura Guarantee, in an interview with Canadian Insurance Top Broker.

“Our expectation is that we are going to write a vast majority of the accounts. We didn’t do the deal not to write them,” he added.

Many of the brokers who wrote surety insurance contracts through RSA Canada already had business with Trisura and so the specialty insurer is familiar with many of them. The new brokers are a “win” for Trisura in a competitive landscape in which the number of brokerages is shrinking through mergers and acquisitions, said George, who added: “Finding new brokers is a goal for us.”

A smooth transition of the portfolio, which has an annual premium of more than $6 million, was key for both RSA Canada and Trisura and so the Trisura team “hit the ground running,” said George.

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A part of that process is informing brokers whose business is moving to Trisura about the technology the specialty insurer brings to the table. For instance, brokers with small contractor customers can access Trisura’s contractor bond portal. The tool is best suited for contractors with bond requirements of up to $500,000 for a single job and total exposure of $1 million.

With this type of customer, the broker can “go online in our portal, submit information about the contractor and we have an electronic system behind it that will actually underwrite it,” George explained.

The system is designed for applications that don’t require more in-depth interaction with an underwriting professional. The tool streamlines the underwriting process and automatically informs the broker when the application has been approved.

The newly transitioned surety business fits nicely with Trisura’s key customer base of small to mid-size contractors. “On the one hand, we’re trying to grow our larger contractor area and do larger bonds and larger clients [but] our bread and butter is still the small to mid-size [businesses] by and large so it ended up being a perfect fit for us,” said George.

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