Roofing captive becomes Canada’s first
Canadian roofing firm Penfolds Roofing has launched a captive insurance company to write customers’ warranty insurance.
PRI Warranty Corporation was launched on 1 August and is the first of its kind in Canada, according to Penfolds Roofing. Vermont-based Aon Insurance Managers manages the new captive insurance company, and FICOM, which is the regulatory agency of the provincial ministry of finance that is responsible for regulating the pension, financial services and real estate sectors in British Columbia, regulates it. The captive insurance company will cover all of the warranties that are issued by Penfolds Roofing for their entirety at no extra cost to customers. Ken Mayhew, president of Penfolds Roofing, said: “PRI Warranty Corporation will give Penfolds customers absolute peace of mind about the long-term reliability of their investment in a new roof.” “PRI Warranty Corporation gives customers absolute confidence in the integrity and longevity of one of the biggest investments they'll make in their home."