Toronto-based Red Rock Insurance Services (RRIS) recently announced a “capacity building” partnership with the Insurance Company of Prince Edward Island (ICPEI). The two want to combine forces, they say, to address shortfalls in the Canadian trade credit insurance market.
Through the alliance, the companies are hoping to change risk mitigation for Canadian businesses engaging in trade activities. Solutions include tailored policies to safeguard businesses against credit defaults and insolvencies.
"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,” says Peter Graham, president of RRIS. “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."
RRIS, which is wholly Canadian-owned, is known for offering unique non-cancellable credit insurance solutions across Canada.
The Charlottetown-based ICPEI was founded in 1987 and offers insurance solutions through a network of brokers across several provinces. It has its ambitions set on operating in British Columbia next.
