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UPDATED: Trisura Group expands to U.S.

The move follows the holding company’s recent launch as a publicly traded company

Toronto-based Trisura Group Ltd. is launching a U.S.-based subsidiary now that the company has received its certificate of authority from Oklahoma’s state insurance department.

Trisura Specialty Insurance Company, which is known more simply as Trisura U.S., intends to seek an A.M. Best rating and will begin writing business in the U.S. The new subsidiary will join Trisura Guarantee Insurance Company and Trisura International Insurance Ltd. under the Trisura Group umbrella.

“We intend to cede a significant portion of written business to well-capitalized reinsurance partners, and believe that Trisura U.S. will be well-positioned to aggregate business from our distribution partners,” says Allen Taylor, vice president of finance for Brookfield Asset Management, speaking on behalf of Trisura Group in a statement to Canadian Insurance Top Broker. (Brookfield Asset Management was the partial owner of Trisura Guarantee prior to the creation of Trisura Group.)

Related: Trisura Guarantee’s holding company listed on the TSX

“Over time, we hope to expand into the surety and risk solutions segments of the U.S. market, building on the support and expertise of Trisura Guarantee’s successful Canadian business,” adds Taylor.

No changes are expected to Trisura Guarantee’s business in Canada, which continues to focus on advancing its specialty insurance product lines, the statement continues.

It is anticipated that Eileen Sweeney, who has more than 30 years of experience in the insurance and reinsurance industries, will take the helm as president of Trisura U.S. The rest of the management team will be hired once the new subsidiary has obtained its A.M. Best rating.

In addition to an expanded geographical footprint, the company recently grew the channels through which it can access capital thanks to its move onto the Toronto Stock Exchange.

Trisura Group made its debut as a publicly traded company in June.