TORONTO and BERMUDA, March 12, 2018 /CNW/ - BICO Risk Management Inc. ("BICO") is pleased to announce the sale of a controlling interest in its legal expense insurance business to a consortium led by an affiliate of Trebuchet Group Holdings Limited ("Trebuchet"). Trebuchet is an investment vehicle owned by the founders and principals of the Armour Group, a leading global reinsurance company based in Bermuda. Upon closing, Trebuchet and its affiliates will assume management and control over the operations of the BICO Legal Cost Protection™ legal expense insurance program. Omega General Insurance will continue its role as underwriter for the business, and EasyInsure* will continue to act as primary broker for the product going forward.
"The principals behind Trebuchet have extensive experience in the global insurance and reinsurance industry," said John Rossos, Chairman & CEO of BICO. "Their experience and access to significant sources of capital will allow the business to expand across Canada and potentially offer new, value-added services to BICO's clients in due course."
"BICO Legal Cost Protection™ is a leading legal expense insurance product in Canada for the personal injury litigation market," said Brad Huntington, Chairman and CEO of Trebuchet. "We are very much looking forward to continuing to work with the leading law firms across Canada to provide innovative legal expense insurance products to assist them and their clients in the future."
Existing clients will continue to enjoy uninterrupted coverage as provided under their BICO Legal Cost Protection™ policies.
*Insurance provided by Belyer Insurance Limited (in BC, Belyer Insurance Brokers Limited) o/a EasyInsure.
SOURCE BICO Risk Management Inc.