BICO announces sale of controlling interest to Trebuchet
By AdvocateDaily.com Staff
BICO Risk Management Inc. has announced the sale of a controlling interest in its legal expense insurance business to a consortium led by an affiliate of Trebuchet Group Holdings Limited.
"The principals behind Trebuchet have extensive experience in the global insurance and reinsurance industry," says BICO chairman and CEO John Rossos.
"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."
Existing clients will enjoy uninterrupted coverage as provided under their BICO Legal Cost Protection™ policies, Rossos says.
Trebuchet is an investment vehicle owned by the founders and principals of the Armour Group, a leading global reinsurance company based in Bermuda.
Trebuchet and its affiliates will assume management and control over the operations of the BICO Legal Cost Protection™ legal expense insurance program, Rossos says. Omega General Insurance will continue as underwriter for the business, and EasyInsure will remain as primary broker for the product going forward, he adds.
"BICO Legal Cost Protection™ is a leading legal expense insurance product in Canada for the personal injury litigation market," says 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."