Trisura Guarantee Makes the 2020 “Top Small & Medium Employer” List

Trisura Guarantee Makes the 2020 “Top Small & Medium Employer” List

Mediacorp Canada Inc.’s annual list of Canada’s Top Small & Medium Employers has been released – and Trisura Guarantee has made the cut.

Appearing on the list for the fourth year in a row, Trisura Guarantee is honoured to be named along with so many outstanding organizations.

“It is truly an honour to be recognized among so many top organizations in Canada,” Trisura’s head of human resources, Cindy Grant, says. “When it comes to our employees, we take a simple, uncomplicated approach. It’s our entire team, everyone from Halifax to Vancouver, that make us successful through their unwavering commitment to delivering on our philosophy of excellence, discipline and passion every single day.”

2020 marks the seventh year of the competition. The editors of Canada’s Top Small & Medium Employers evaluate employers based on the following criteria:

(1) Physical Workplace;

(2) Work Atmosphere & Social;

(3) Health, Financial & Family Benefits;

(4) Vacation & Time Off;

(5) Employee Communications;

(6) Performance Management;

(7) Training & Skills Development; and

(8) Community Involvement.

Small and medium-sized enterprises (SME) have a large role in Canada, being responsible for over 50% of the nation’s gross domestic product. SME also account for over 90% of the private-sector labour force, and out of all the jobs created in the last 10 years, more than 95% are because of SMEs.

To read up on what makes Trisura Guarantee a 2020 Top Small & Medium Employer, including prioritizing work-life balance and open communication, click here.

To learn more about how winners of the competition are selected, visit the Canada’s Top 100 website.

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.”

About Canada’s Top Small & Medium Employers list:

Canada’s Top Small & Medium Employers is an annual editorial competition published by Mediacorp Canada Inc. The list recognizes small and medium enterprises that excel in workplace culture, as well as innovative and progressive human resources initiatives. The competition is open to employers whose head office is in Canada and have less than 500 employees globally. Qualifying companies are commercial, for-profit organizations.

Trisura Guarantee a Top Small & Medium Employer for Fifth Year in a Row

Trisura Guarantee a Top Small & Medium Employer for Fifth Year in a Row

After months of anticipation, Mediacorp Canada Inc. has released their coveted list of Canada’s top small and medium employers. And, for the fifth consecutive year, Trisura Guarantee is thrilled to be one of them.

Canada's 2021 Top Small & Medium Employers logoWinners of the competition, now in its eighth year, are selected based on several factors, including physical workplace, work atmosphere and health, wellness and financial benefits. This year, however, the editors of the Canada’s Top Small & Medium Employer list also looked for how organizations approached the unique challenges of the pandemic. In an unforeseen landscape, it has been necessary for companies to be flexible, quick to respond with solutions and helpful with employees’ concerns.

Richard Yerema, the managing editor of the Canada’s Top 100 Employers project, explained that this year’s leading companies were successful in creating the a smooth transition from working in the office to working remotely. “Not only were [the top companies] able to transition employees to working from home right out of the gate, but many already had policies in place that allowed for flexible work,” he said. “It was simply a matter of extending existing benefits, such as home office allowances and internet subsidies, to make the full transition.”

For the 2021 competition, it was important that the selected organizations offered the right benefits to help employees be as comfortable as possible with all the uncertainties we were all facing.

Over the past year, Trisura remained agile and was quick to respond to the urgency of the pandemic. The “virtual door” remained open for employees who had concerns or simply wanted to chat. Known for the social work culture, Trisura also hosted online team events, such as catch-ups and game days.

“Once again, we are truly honoured to receive the recognition as a Top Employer In Canada,” Trisura’s senior vice-president of Human Resources, Cindy Grant, says. “This past year, like everyone, we faced new challenges but worked diligently to support our team with appropriate resources to be successful. Our entire team from Halifax to Vancouver–makes the difference with their unwavering commitment to delivering on our philosophy of excellence, discipline and passion in everything we do.”

Trisura was also recognized for important initiatives and offerings, such as prioritizing and encouraging employee personal development through training and education, as well as a generous benefits program. Learn more about what makes Trisura Guarantee a 2021 Top Small & Medium Employer here.

 

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, Warranty and Property and Casualty 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 in Canada, Trisura International Insurance Ltd. in Barbados and Trisura Specialty Insurance Company in the U.S. Trisura is listed on the Toronto Stock Exchange under the symbol “TSU.”

About Canada’s Top Small & Medium Employers list:

Canada’s Top Small & Medium Employers is an annual editorial competition published by Mediacorp Canada Inc. The list recognizes small and medium enterprises that excel in workplace culture, as well as innovative and progressive human resources initiatives. The competition is open to employers whose head office is in Canada and have less than 500 employees globally. Qualifying companies are commercial, for-profit organizations. For more information about the competition and selection criteria, visit the Canada’s Top 100 website.

Cyber in 2020: The threats and the solutions

Cyber in 2020: The threats and the solutions

This interview is part of a special report published by Insurance Business Canada.

You can read the full report here.

 

In a discussion with Insurance Business Canada, Trisura’s assistant vice-president of professional solutions, Michael Kalakauskas, weighed in on some of the biggest cyber concerns facing brokers in 2020.

IB | How is the cyber insurance market shaping up in 2020?
Michael Kalakauskas HeadshotMK | 
The cyber market has been very volatile for most of 2020. We have seen pricing increases range around 10% to 50%, as well as a substantial increase in deductibles. Furthermore, most markets are reducing their capacity, with limits being greatly lowered on both third-party and first-party coverages. While some markets have pulled back, others have increased their appetite and capabilities. It’s a very interesting time in the cyber insurance world.

From a cybersecurity trend standpoint, the sheer volume of cyberattacks and compromised personal information on a worldwide level is at an all-time high and will only continue to grow with the expansion of things like company interconnectivity, the Internet of Things, the use of cloud services, artificial intelligence and machine learning, automation, and small to medium-sized business vulnerability. These trends point to the need for all organizations to increase their security and awareness in protecting themselves against cyberattacks and data breaches. Cybercriminals and attacks are only getting more sophisticated, so as an industry, we need to keep up with and respond to emerging threats.

Another important trend is the evolving landscape of international data privacy laws and government/regulatory body involvement. These new or updated laws – for example, GDPR in Europe or PIPEDA here in Canada – are making companies move from a reactive approach to a proactive approach towards cybersecurity. We’re now seeing a greater focus on system security and the ability to safely store and use personal information.

In terms of cyber coverage, brokers need to be aware that third-party liability coverage for data breaches is only one piece of the overall cyber insurance puzzle. The trends from a coverage standpoint – and the most causes of current cyber claims, in our experience – are ransomware, social engineering and business interruption. Not all businesses carry large amounts of personal data that may be targeted in data breaches; however, all businesses are dependent on computers, cell phones and the internet – things that ultimately make them vulnerable to different types of cyberattacks. The one thing that all companies do hold is employee data, which exposes all companies, regardless of size, to a potential data breach.

It is easier to target small and mid-sized companies, as they may not have adequate security measures and resources in place to protect themselves. To safeguard against today’s cyberattacks, small companies must reassess their security position and ensure adequate measures and controls are implemented, including the purchase of cyber insurance coverage and speaking with a true insurance professional.

IB | How has the COVID-19 pandemic – and the accompanying increase in remote work – impacted the cyber insurance market?
MK | COVID-19 remains a challenge for the insurance world. The cyber insurance market should be very concerned with heightened cyber exposures while people work from home with lesser security, employee awareness and procedures. This is the perfect time for cybercriminals to make their move, and we’re already seeing phishing attacks and viruses on the rise in every sector. Also, when working from home, it’s harder to react and deploy an incident response plan or disaster recovery plan, which may result in more frequent and possibly more severe attacks.

It’s a time of great stress and worry, and people are paying less attention. Things that might impact cybersecurity during COVID include older/out-of-date computer software and antivirus software/firewalls, a lack of cybersecurity procedures/policies, a lack of encryption protocols, infrequent password changes, audits not being performed, general misuse of computers and emails, and employees not on high alert. We must all stay vigilant.

IB | Which client groups should be the target markets for cyber insurance this year?
MK |
All businesses – small, medium and large – have cyber exposures, and each company should be having conversations with their insurance broker about adequate cyber insurance coverage and risk transfer options. That said, I would prioritize some of the industries that have not previously bought cyber insurance on a widespread basis. Industries including finance, banking, healthcare, retail and hospitality – all well known for holding and using personal information – have already been exposed to cyber insurance and the risk of data breaches. Industries like construction, transportation and manufacturing, as well as smaller professional offices, however, are slowly being exposed to cybersecurity needs and do need more awareness in this space.

At Trisura, we are trying to increase the exposure of cyber insurance with all of our small to medium-size business clients, regardless of industry type. As mentioned, it is easier to target small and mid-size companies, as they may not have adequate security measures and resources in place to protect themselves. Trisura has a large surety book that comprises clients of all sizes in the construction industry – for example, builders, developers and contractors – and with them being more reliant on technology and computers, it is imperative that we offer cyber solutions as part of their overall insurance and surety bonding package. Likewise, we insure many small to medium-sized professional offices for errors & omissions insurance and directors & officers liability, and we are currently trying to target them for cyber coverage as part of their insurance portfolio.

IB | What features should brokers look for in a cyber policy today?
MK |
Overall, good cyber insurance provides coverage for both an insured’s first-party and third-party losses associated with a network security breach, as well as the loss, theft, or unauthorized disclosure of personal information or confidential corporate information. The coverage should include expenses related to breach notification, extortion threats, public relations, credit monitoring, forensic investigation, defence costs, the costs of judgments or settlements, regulatory claims, business interruption and media liability, among other things. The reality is, every business has an exposure and should be protected accordingly. Exposures come in the form of employee information, customer information, internet access, electronic and network activities, and the overall use of technology.

Specifically, the most important element of any good cyber insurance policy is the claims handling service and response team associated with it. A cyber insurance policy should give clients access to experts in all fields of cybersecurity and make them feel comfortable throughout the whole process, whether it’s a full-blown claim, a possible breach or a system hack. The response team should be quick, flexible and able to handle any type of scenario. A good response team should include law firms and breach coaches; forensics and investigation professionals; public relations and communication specialists; and breach notification, identity repair and credit monitoring firms.

Legal experts can help minimize the risk of litigation and fines in the wake of a breach. They can provide legal advice based on your specific incident, such as determining how to notify affected individuals, government agencies, third parties and others who may be impacted. The law firms and breach coaches can also manage breach response teams and oversee all aspects of the response.

Forensic and investigative providers can advise your organization on how to stop the current data loss, prevent further harm and secure evidence as necessary. They can also determine where, when and how the breach or hack occurred, analyze data sources to determine what information has been compromised, and assist in data restoration.

Public relations providers can help develop both the internal and external communications needed during an incident, as well as oversee crisis management services. They can also provide advice on how to best position the incident to key audiences, update social media and help manage media questions related to the issue. Breach notification providers can help in the form of credit monitoring, credit reports, call centre services and direct mailing campaigns.

IB | If brokers are looking to sell cyber insurance to a client for the first time, what key points should they stress?
MK | All businesses, regardless of size and industry type, have cyber exposure. Regardless of whether they hold or store their customers’ or suppliers’ personal data or corporate information, these businesses have data on all of their employees and stakeholders that is at risk. Furthermore, all companies are reliant on computers, cell phones and the internet and therefore are susceptible to loss in the event of a cyberattack like ransomware, a hack, data loss, payment diversion or phishing, malware, and software or hardware failure.

Cyberattacks are indiscriminate and could come from anywhere. Even if it’s not from an attacker, one of the biggest forms of cyber exposure is the error of an employee clicking the wrong link, sending an email to the wrong person or leaving an unencrypted laptop or cell phone at a public place. Giving a tiny window of access to someone is all it takes. Cyber exposure could come from anywhere, and if it were to happen, it could give rise to significant financial loss.

My rule of thumb is to advise businesses that cyberattacks are not a matter of if but more of a when, and whether the company is able to withstand the financial impact of such an attack or loss. If it is not, or the business would like some additional protection, then cyber insurance is a key to their risk management process, no matter their size of business.

 

Trisura Guarantee Makes the 2020 “Top Small & Medium Employer” List

Trisura Guarantee Makes the 2020 “Top Small & Medium Employer” List

Mediacorp Canada Inc.’s annual list of Canada’s Top Small & Medium Employers has been released – and Trisura Guarantee has made the cut.

Appearing on the list for the fourth year in a row, Trisura Guarantee is honoured to be named along with so many outstanding organizations.

“It is truly an honour to be recognized among so many top organizations in Canada,” Trisura’s head of human resources, Cindy Grant, says. “When it comes to our employees, we take a simple, uncomplicated approach. It’s our entire team, everyone from Halifax to Vancouver, that make us successful through their unwavering commitment to delivering on our philosophy of excellence, discipline and passion every single day.”

2020 marks the seventh year of the competition. The editors of Canada’s Top Small & Medium Employers evaluate employers based on the following criteria:

(1) Physical Workplace;

(2) Work Atmosphere & Social;

(3) Health, Financial & Family Benefits;

(4) Vacation & Time Off;

(5) Employee Communications;

(6) Performance Management;

(7) Training & Skills Development; and

(8) Community Involvement.

Small and medium-sized enterprises (SME) have a large role in Canada, being responsible for over 50% of the nation’s gross domestic product. SME also account for over 90% of the private-sector labour force, and out of all the jobs created in the last 10 years, more than 95% are because of SMEs.

To read up on what makes Trisura Guarantee a 2020 Top Small & Medium Employer, including prioritizing work-life balance and open communication, click here.

To learn more about how winners of the competition are selected, visit the Canada’s Top 100 website.

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.”

About Canada’s Top Small & Medium Employers list:

Canada’s Top Small & Medium Employers is an annual editorial competition published by Mediacorp Canada Inc. The list recognizes small and medium enterprises that excel in workplace culture, as well as innovative and progressive human resources initiatives. The competition is open to employers whose head office is in Canada and have less than 500 employees globally. Qualifying companies are commercial, for-profit organizations.

Trisura provides 2020 outlook

Trisura provides 2020 outlook

In a recent interview with Canadian Underwriter, Trisura COO Richard Grant shared his thoughts on what should be a top concern for the industry in 2020. 

Read the original article here.

Trisura COO executive outlookAlthough the insurance industry is constantly evolving, one issue seems to remain on the back burner that I feel ought to be in the forefront — the risk of a mega-catastrophe. Canada is the only G7 nation whose insurance industry does not have financial backing from a federal government. Without a clear strategy in place, the industry could fall victim to a dire economic state, with smaller property and casualty insurers getting hit the hardest.

The impact of a mega-catastrophe on the industry has been an underlying concern for years. However, as is often the case, until there is a need for a response (until a disaster occurs), we likely won’t see any action. In the event of a mega-catastrophe in Canada such as a major earthquake, a best-case scenario would be months of business disruption while everyone searches for alternative insurance options. Not only will there be a significant increase in property claims, but we would anticipate seeing an increase in surety and directors’ and officers’ (D&O) liability losses as a direct result of a catastrophe affecting the general economy. The Conference Board of Canada previously reported that, in the long term, we could potentially see cumulative losses in Gross Domestic Product reaching almost $100 billion. Alone, the insurance industry is not capable of covering all the losses that a catastrophic quake might incur, which could lead to the financial collapse of some insurers. The industry-funded Property and Casualty Insurance Compensation Corporation (PACICC) would step in to respond to claims by policyholders of these failed entities. This alone could cause larger insurance companies to fail as well, as PACICC places levies on them to pay for the claims. Eventually, this could lead to financial collapse throughout the entire industry. We will see a disruption in businesses, which inevitably will result in the failure of companies in many industries. For example, in the early 2000s, when a major insurer in Australia collapsed, medical services across the country were negatively impacted.

It’s crucial we have a plan in place before it gets to that point. This will require a collaborative effort. Working with the Insurance Bureau of Canada, industry stakeholders should take the first steps toward action and open a conversation with the Office of the Superintendent of Financial Institutions and the federal government.