Specialty insurance provider
Trisura announced it has completed its spinoff from Brookfield Asset Management, as the insurer eyes further growth as a standalone public company.
Before completing the spinoff, Trisura acquired from Brookfield certain specialty insurance operations, including Brookfield’s 60% interest in Trisura Guarantee Insurance Company, a Canadian-based specialty commercial, general liability insurance company. It also acquired Brookfield’s 100% interest in Trisura International Insurance Company, a Barbados-based reinsurance company.
Trisura commenced trading on the Toronto Stock Exchange on Thursday under the symbol “TSU.” 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. Brookfield no longer has any ownership interest in Trisura.
Browse and compare specialty insurance products from Trisura here
“The spinoff of Trisura from Brookfield is an important milestone in our development and we look forward to executing our business plan as a standalone public company,” said Greg Morrison, CEO of Trisura.
The insurance provider operates in the surety, risk solutions, corporate insurance and reinsurance segments of the market. A day after its stock exchange debut, the firm announced the addition of Paul
Gallagher and Bart Hedges to its board of directors.
Gallagher will chair the firm’s Audit Committee. He is currently VP Investments at Carfin, an investment vehicle focused on the public markets. From 2007 to 2015, he was the CFO of Wittington Investments, which owns a number of public and private companies.
Hedges joined as a member of Trisura’s Audit Committee and Governance and Compensation Committee. He has three decades of experience in the P&C insurance and reinsurance industry and previously served as a director and CEO of Greenlight Capital Re, a specialist P&C reinsurer, from 2011 to 2017, and as president and chief underwriting officer from 2006 to 2011.
“We are thrilled that Paul and Bart have agreed to join our Board,” said David Nowak, chair of the Board of Directors of Trisura. “Their background and expertise will be very helpful to Trisura in its growth and development as a new public company.”
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