Trisura’s new Bricktown E&S carrier secures A- rating

AM Best has assigned a financial strength rating of A- to Bricktown Specialty Insurance Company (BSIC), the Oklahoma City-based E&S carrier launched by Trisura to further enhance the hybrid fronting capabilities of its US operations.

Canadian financial services company Trisura had announced the creation of BSIC at the start of this year. The new unit is non-admitted in 49 states as well as Washington DC and admitted in Oklahoma.

AM Best also assigned BSIC a long-term issuer credit rating of “a-”.

The ratings reflect BSIC’s “very strong” balance sheet, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management, the rating agency said.

“Similar to Trisura’s other subsidiary insurers, BSIC will insure program business primarily, ceding most, but not all, of the exposure to third-party and affiliated reinsurers,” AM Best noted.

The ratings of BSIC also reflect intercompany financial and expense sharing agreements with its ultimate parent, Trisura, and the group’s other subsidiary insurers.

Trisura US now has three insurance carriers, with BSIC joining specialty carrier Trisura Specialty Insurance Company and its admitted carrier Trisura Insurance Company.

Trisura’s US hybrid fronting carrier platform grew gross premiums written by 54.4 percent to C$1.0bn ($790mn) in 2021 while fee income grew by 76.6 percent to C$43.0mn.

Trisura US president and CEO Michael Beasley told sister publication Program Manager last month that he sees momentum continuing in E&S lines where Trisura continues to take advantage of tightening rates and is looking to expand further into niche casualty segments.

“A new excess and surplus balance sheet, an increase to AM Best Size IX rating, and admitted capabilities give us confidence for the years ahead,” he said. “We continue to focus on a participatory fronting model with 5-15 percent risk positions, and a data-driven approach.”