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Trisura Guarantee’s holding company listed on the TSX

The insurer could benefit from better access to capital as part of public company, says CEO

Trisura Group Ltd., the holding company of Trisura Guarantee Insurance Company, marked its first day as a publicly traded company on the Toronto Stock Exchange (TSX) on Thursday.

The move also completes Trisura Group’s spinoff from Brookfield Asset Management. The holding company was created earlier this year by Brookfield, which combined its 60% ownership stake in Trisura Guarantee and its 100% interest in Trisura International Insurance Company, a Barbados-based reinsurance company, to form the new entity.

It is “business as usual” for Trisura Guarantee, says Mike George, CEO and president at the specialty insurer, in a statement to Canadian Insurance Top Broker.

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There is “no change in focus as we continue to build our specialty lines company.  Going forward, being part of a public and global insurance platform could lead to synergistic opportunities across geographies, as well as better access to capital,” says George through the statement.

“As part of a publicly traded, TSX-listed company we will gain broader brand recognition and overall market acceptance,” he adds.

George notes that he and chief financial officer, John Garner, remain in their executive roles at the company and that the remainder of the senior management team will also stay in place. In addition, Trisura Guarantee’s ownership structure in which employees own 40% of the company will not change. Trisura Group now owns the other 60%.

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Holders of Brookfield’s Class A and Class B limited voting shares now own common shares of Trisura Group. Each holder of Brookfield shares received one Trisura share for every 170 Brookfield shares held. Shareholders of Brookfield now own approximately 5.8 million Trisura shares, or a 100% interest in Trisura Group. Brookfield no longer has any ownership interest in Trisura Group.

Trisura Group has also announced the addition of two new members to its board of directors. Bart Hedges, former director and CEO of specialist reinsurer Greenlight Capital Re, will join Trisura Group’s audit committee and governance and compensation committee. He has more than 30 years of experience in the P&C insurance and reinsurance industry.

Paul Gallagher, vice president of investments at public investment vehicle Carfin Inc., also joins the board and will chair Trisura Group’s audit committee.