Canada’s Sovereign General Insurance Company and OneBeacon Insurance Company announced the signing of a Strategic Alliance Agreement.
The deal will facilitate the “introduction of products to Canada for certain commercial segments,” said the bulletin. “Policies will be written under Sovereign’s name and the two companies will share equally in the underwriting results of the policies through a reinsurance arrangement.”
The alliance doesn’t specify any “specific revenue or performance targets between the two companies,” however, both insurers expressed confidence that the “venture will prove to be a valuable solution to Canadian market needs. The initial product will target midsized technology businesses.”
“This alliance was a natural,” stated Sovereign’s COO Peter Parkin. “We first started working with OneBeacon on cross-border opportunities, helping one another’s brokers place technology business in our respective countries. We quickly realized the similarities in our business philosophy and it only seemed natural we work together to explore further opportunities. OneBeacon was keen to share their U.S. expertise and experience with us on the chosen classes of business we will endeavor to write in Canada.”
Drew Carnase, OneBeacon’s Senior VP-Commercial Lines, observed: “We’re delighted to be signing this agreement with Sovereign as we see Canada as a great marketplace. Partnering with Sovereign enables OneBeacon to offer our custom products that have been successful in the U.S. to Canadian businesses. We look forward to enjoying the growth potential of a great country by partnering with a professional and respected leader in commercial insurance.”
Topics Canada
Was this article valuable?
Here are more articles you may enjoy.
Half of Pilots Killed in US Accidents Tested Positive for Drugs 
Stomach Bugs, Not Hantavirus, Are the Bigger Threat on Cruises 
High-Powered Dads Are Spending Less Time at Work, More on Childcare 
Florida Surplus Lines’ HO Premiums Now Average About the Same as Admitted Market 
