WHAT IS IT?
Surety is not insurance. It is more closely related to the commercial lending practice of financial institutions. As such, a Surety needs to satisfy itself that the party they are bonding has the experience, financial and capital resources necessary to perform their obligations. Further, if called to pay out under a bond, a Surety will seek recovery for their losses under an indemnity agreement or other security typically taken at the start of the relationship.
A surety bond is a guarantee of performance of an obligation. The bond itself gives rise to a three party relationship where the Surety agrees to fulfil the obligations of the Principal (the ‘insured’ or bonded party) to the Obligee (the beneficiary of the bond), in the event the Principal is unable to do so. The Surety stands behind the Principal as a guarantor or ‘co-signer.’ The Surety typically does not become involved unless the Principal is in legitimate default of their obligations to the Obligee, at which point a claim is made under the bond and the Surety steps in to remedy the failure to perform.
The uses and application of surety bonds are unlimited. Obligations of almost any nature can conceivably be bonded, however, the mainstream use of this product can be classed into Commercial and Contract. In addition, Trisura is also active in the Subdivision segment of the market.
We Are Motivated. At Trisura we want to write business, even in a tough economy. We recognize that when our agents and their clients grow and prosper, we do the same. We find innovative ways to incorporate all the merits of an account into our decisions and look for ways to say ‘yes’ rather than ‘no’. Moreover, we continually look for ways to make it as easy as possible to do business with us. We are entrepreneurs, know how to work with other entrepreneurs and recognize that one approach does not satisfy every scenario.
We Are Experts. When you speak to one of our underwriters, you can instantly appreciate how a true expert can help find solutions to write business. Whether it is a new account or a complicated bond request, we empower our underwriters to make intelligent decisions and to provide immediate and exceptional service to our agents and their clients. While the industry is laden with inexperienced underwriters, our team is composed of seasoned professionals who bring with them knowledge and expertise from a variety of disciplines. You will find that we are solution focused rather than process driven. Every situation may require it to be viewed from different angles and yet that will still ensure a consistent and disciplined underwriting approach.
We Are Partners. We develop relationships with our agents and their clients. It’s the inherent core of our value proposition. We truly believe we are your business partner and as such we don’t just filter through financial information and applications. We meet with you and your clients, hear their stories and find ways to grow all of our businesses in a shared spirit of entrepreneurialism. Our premiums and in turn our profits are derived exclusively from our agent relationships. We choose our partners carefully.
We maintain the long view and as such will be with you through the ebbs and flow of the business cycle and valuing long term commitments and business relationships.
We Are Trisura. Surety is what we do. We underwrite with skill, purpose and urgency. We aspire to be your surety of choice.
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 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.”
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 http://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.