2018: A Year of Continued Growth for WSC Amid Bleak Claims Results for the Canadian Surety Industry

As 2018 nears its conclusion, Scott Donald, President and CEO, reflects on a year that, despite a poor claims picture for the surety industry as a whole, has been ‘one of the best’ in Western Surety Company’s 109 years of operation.

“On a national basis, we understand that 2018 will result in a net surety loss for only the second time in the last quarter of a century,” says Donald. “With a limited number of large losses being the catalyst for these results, the silver lining for the surety industry is that this provides tangible and financial proof to construction owners and other stakeholders that our products are the best form of credit.”

He adds, “As far as Western Surety is concerned, we sailed through the year without any significant claims. Although a very recent Alberta receivership will have some impact, I am confident that our fiscal results will be rewarding. In fact, by year-end, I am pleased to report that Western Surety Company will hit an all-time high premium volume that should surpass the $28,000,000 mark.”

Throughout 2018, there have been several positive developments that have contributed to Western Surety Company’s success. Early in the year, we issued the largest bond and resulting premium in our company’s history. On the staffing front, the three Trainees from each of our offices were promoted to Surety Underwriters and two new Trainees have been hired in Regina and Toronto. With the considerable growth of our Toronto office, we continue our search for other experienced surety professionals to complement our hard working and knowledgeable staff.

Donald is very pleased with the accolades Western Surety Company receives on its E-Services program. “We continue to add brokers to the portal and the vast majority of newcomers and those who have been using it for years are very complimentary of its ease of use and efficiency, “ says Donald.

“Our philosophy is that ‘it’s always about the people’,” comments Donald. “That’s not just a tag line for us, it’s how we run our business and provide industry leading service to our partners in surety. I say with pride that our staff embodies our philosophy of predictable and consistent underwriting augmented by the individual authority to think ‘outside the box’ and tailor a bonding program to fit the needs of the broker and contractor.”

During the holiday season, our thoughts turn gratefully to those who have made our success possible. It is in this spirit that the staff of Western Surety Company thanks you for a great year and wishes you all the best as you embark on 2019.

Scott Donald,
President and CEO

Christmas Charity Donation

Continuing our tradition of having our employees enter into a draw for the right to select Western Surety’s annual Christmas charity donation, Kevin Bach, Senior Regional Manager, Regina Head Office, chose Compassion Canada. We are very pleased to support this very worthwhile charity.

December/January Holiday Schedule

Our Regina, Toronto, and Halifax offices Holiday Schedule is as follows:

Monday, December 24th (Christmas Eve) – CLOSED
Tuesday, December 25th (Christmas Day) – CLOSED
Wednesday, December 26th (Boxing Day) – CLOSED
Monday, December 31st (New Year’s Eve) – CLOSING AT 3:00 PM (local time)
Tuesday, January 1st (New Year’s Day) – CLOSED

Wishing you and your family a Merry Christmas and Happy New Year!

 

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