Trisura Group Ltd. Appoints George R. James to Lead U.S. Surety Operations

Trisura Group Ltd. Appoints George R. James to Lead U.S. Surety Operations

Oklahoma City, Oklahoma, NOVEMBER 30, 2020 – Trisura Group Ltd. (“Trisura”) (TSX: TSU) is pleased to announce the appointment of George R. James as Chief Underwriting Officer, Surety, for the organization’s new U.S. surety platform. This appointment will be effective January 4, 2021. George will lead Trisura’s entry into the U.S. surety market and head its U.S. surety operations.

George R. James to lead Trisura U.S. surety operations.

George is a seasoned surety leader with 25 years of experience, extensive market knowledge and deep-rooted relationships across the United States. George’s career includes 14 years in executive leadership positions at International Fidelity Insurance Company (“IFIC”), including the role of Executive Vice President and Chief Underwriting Officer. At IFIC, George was instrumental in the strategic positioning and operations of the company and delivered consistent and profitable underwriting results. In addition, George was a past Chair of the Commercial Surety Advisory Committee of the Surety & Fidelity Association of America. Trisura looks forward to drawing on George’s leadership capabilities as we expand in the U.S. market.

With the launch of Trisura’s U.S. surety operations, agents and brokers will be able to access a North American platform including Trisura’s Canadian operations, currently the third-largest surety provider in Canada. Trisura’s North American platform will leverage the strong underwriting track record and profitability of the Canadian group in addition to the established infrastructure including an innovative online portal and e-bonding platform. Consistent with Trisura’s strategy, the U.S. surety platform will partner with a select agent and broker network and will offer custom solutions and experiences that are always “a step above.”

Chris Sekine, responsible for Trisura’s global surety platform and President and CEO of Trisura Guarantee Insurance Company, expressed his excitement about the new addition: “I’ve known George for 15 years,” said Chris. “His passion for the surety industry has allowed him to consistently deliver above-market results over his career. George knows the importance of building and strengthening relationships and is committed to providing agents and brokers with an exceptional experience. I’m eager to see our U.S. surety operation launch and grow under George’s leadership.”

 

About Trisura:

Trisura is a leading international specialty insurance provider operating in the surety, risk solutions, corporate insurance, fronting and reinsurance segments of the market. Trisura has three principal regulated subsidiaries: Trisura Specialty Insurance Company in U.S., Trisura Guarantee Insurance Company in Canada and Trisura International Insurance Ltd. in Barbados. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU.”

Further information is available at https://www.trisura.com/group. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR profile at www.sedar.com.

For more information, please contact:
Bryan Sinclair
Tel: (416) 607-2135
Email: bryan.sinclair@trisura.com

AM Best Affirms Credit Ratings of Trisura Guarantee Insurance Company and Trisura Specialty Insurance Company

AM Best Affirms Credit Ratings of Trisura Guarantee Insurance Company and Trisura Specialty Insurance Company

AM Best has affirmed the Financial Strength Rating A- (Excellent) and the Long-Term Credit Rating of “a-” of Trisura Guarantee Insurance Company (Trisura Guarantee) (Toronto, Ontario, Canada), and its sister company, Trisura Specialty Insurance Company (Trisura Specialty) (Oklahoma City, OK). The outlook of these Credit Ratings (ratings) remains stable.

The ratings of Trisura Guarantee reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

Trisura Guarantee’s balance sheet strength is supported by consistent growth in surplus and conservative reserving practices. Operating performance remains favorable with solid underwriting performance, and is supported further by consistent solid net investment income over the prior five-year period.

Positive rating action could occur if the company were to expand its geographic and market presence successfully while maintaining a trend of favorable operating performance in excess of peer averages. Negative rating pressure may materialize if the company were to incur significant losses in its capitalization, experience a substantial reduction in the profitability of its core book of business or encounter substantial adverse reserve development relative to peers and industry averages.

The ratings of Trisura Specialty reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM.

Trisura Specialty has continued to expand its operations through 2019, meeting management’s projections to date. Underwriting performance is in line with expectations at this time, and AM Best expects greater underwriting diversification as the company continues to scale operations.

Positive rating action could occur if the company is able to demonstrate the implementation of its strategy through a trend of consistent and favorable operating results in excess of peer performance. Negative rating pressure could occur if the company is unable to leverage existing relationships to obtain favorable business or if the company demonstrates an inability to properly manage the degree of risk on its books, resulting in adverse performance.

Both companies’ ratings also consider the benefits received from the publicly traded ultimate parent, Trisura Group Ltd. [TSX: TSU]. The parent company remains well-capitalized and recently completed a $58 million equity raise; however, there is neither any rating lift nor drag afforded to the operating entities.

 

This press release references Credit Ratings published on AM Best’s website. For the latest rating, access www.ambest.com.

To view the original press release, visit AM Best’s website.

About AM Best:

Founded in 1899, AM Best is a provider of ratings, financial data and news, exclusively focusing on the insurance industry. For more information, visit www.ambest.com.

About Trisura Guarantee:

Trisura Guarantee Insurance Company is a Canadian specialty insurance and surety company with offices across Canada, providing customized solutions and expertise through a select broker network. Trisura Guarantee is uniquely positioned to satisfy Canadian risks in Contract, Commercial and Developer Surety, Directors’ and Officers’ Liability, Fidelity, Professional Liability including Media and Cyber Liability and Warranty products.

Trisura Guarantee Insurance Company is a subsidiary of Trisura Group Ltd., a leading international specialty insurance provider operating in the surety, risk solutions, corporate insurance and reinsurance segments of the market. Trisura has three principal regulated subsidiaries: Trisura Guarantee Insurance Company, Trisura International Insurance Ltd. and Trisura Specialty Insurance Company. Trisura is listed on the Toronto Stock Exchange under the symbol “TSU.”