Northbridge acquires Fenchurch’s surety practice

Northbridge will offer commercial and contract surety products starting June 1

Northbridge Financial Corporation is entering the surety market through the acquisition of Fenchurch General Insurance Company’s surety underwriting practice.

The purchase includes United Surety Limited, which will be re-branded as Northbridge Surety Limited, and Capital Administration Services Inc., a provider of funds control services. The acquisition will be finalized on May 31 and a variety of contract and commercial bonding solutions will be available to Canadian businesses on June 1.

“Our added product capability allows us to enhance our service to existing and new customers in key industries where we’re targeting further growth, such as the construction and contracting sector,” says Silvy Wright, the president and CEO of Northbridge Financial Corporation, in a press release.

“We’re pleased to welcome this specialized team of surety experts, led by Iqbal Bhinder, who brings a decade of experience in the surety business, to our operations,” adds Wright.

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Transcontinental Media G.P.