Red Rock Insurance Services Partners with ICPEI to Address Shortfalls in Canadian Trade Credit Insurance Market
Toronto, ON (Aug. 15, 2023) – Red Rock Insurance Services and The Insurance Company of Prince Edward Island (ICPEI) have announced a capacity partnership aimed at addressing the shortfalls in the Canadian Trade Credit Insurance Market. This groundbreaking collaboration brings together two industry leaders with a shared vision of enhancing financial security and supporting businesses across Canada.
The partnership has been structured to revolutionize risk mitigation for Canadian businesses engaging in trade activities. By leveraging our combined expertise and resources, we are committed to providing tailored and innovative solutions to safeguard businesses against credit defaults and insolvencies.
Peter Graham, President of Red Rock Insurance Services, explains “This partnership presents a remarkable opportunity for Red Rock Insurance Services to be aligned with a prominent Canadian insurance provider that is dedicated to serving the Canadian market. The underwriting authority granted through this agreement will allow Red Rock to have an immediate and meaningful impact. The Canadian Trade Credit Insurance market consists principally of multinational corporations with complex tiers of underwriting authority. There exist numerous gaps in coverage that we aim to address. We are excited by what we believe we can achieve together.”
About Red Rock Insurance Services
Red Rock Insurance Services is a Managing General Agent offering a unique non-cancellable Credit Insurance solution across Canada. Since 2012 Red Rock has been proudly addressing the coverage needs of the Canadian Trade Credit Insurance market. For more information, visit www.rris.ca.
About ICPEI
Based in Charlottetown, the Insurance Company of Prince Edward Island (ICPEI) offers market-leading home, auto and commercial insurance solutions exclusively through a network of brokers across the Atlantic provinces, Quebec, Ontario and Alberta. ICPEI has plans to operate in British Columbia in the near future.
ICPEI was founded in 1987 and has grown into the largest insurer headquartered in the Maritimes. Desjardins General Insurance has 27.5% ownership of ICPEI. ICPEI is a member of the Property & Casualty Insurance Compensation Corporation which protects policyholders from insolvent insurers, the Facility Association of Canada and the Insurance Bureau of Canada. For more information, visit icpei.ca.
SOURCE: Red Rock Insurance Services Ltd.
Tags: industry first, MGA, partnership, Prince Edward Island (PEI)