Trisura completes acquisition for surety expansion
Trisura completes acquisition for surety expansion | Insurance Business Canada
Insurance News
Trisura completes acquisition for surety expansion
“Exciting step” for the group as it aims to tap wider segment
Insurance News
By
Kenneth Araullo
Specialty insurance provider Trisura Group has successfully completed its acquisition of First Founders Assurance Company (FFAC), a US Treasury-authorized surety.
The move, the company said, is aligned with its commitment to expanding its footprint in the US surety market and is pivotal for its long-term growth objectives.
It explained that it is actively working to extend FFAC’s licensing to encompass all 50 states along with the District of Columbia, aiming for comprehensive market coverage.
David Clare, Trisura’s president & CEO, expressed enthusiasm about the acquisition calling it an “exciting step” for the company and its surety capabilities. He highlighted the significance of expanding FFAC’s licenses and the potential for Trisura to tap into a wider segment of the surety market through this Treasury-listed entity.
Clare also indicated that Trisura is keen on keeping its brokers, agents, and investors informed about the ongoing integration and expansion efforts concerning First Founders’ product offerings and licenses.
In September, the group also named Terry Michalakos as senior vice president of North American surety as it seeks to further expand its offerings.
Trisura Group operations in 2023
Operating within the specialty insurance sector, Trisura focuses on surety, risk solutions, corporate insurance, and fronting business lines. The company also holds investments in wholly owned subsidiaries, enabling it to conduct insurance and reinsurance operations effectively.
This latest swoop for the Toronto-based insurer comes following the release of its latest fiscal results.
In the report, the insurer revealed that insurance revenue hit CA$227.4 million for business in Canada, while CA$527.5 million was secured in the US, with both posting increases compared to the same three-month span in 2022.
“Our business remains well-capitalized, supported by surplus capital, a CA$50 million revolving credit facility, a 10.8% debt-to-capital ratio, and a conservatively positioned investment portfolio,” Clare said of the company’s results.
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