As 2022 comes to a close, Scott Donald, President and CEO reflects on his 15 years as President and his 35th anniversary with Western Surety. “The 15 years certainly seemed to have started not so long ago, but the realization that I have been employed at WSC since 1987 is truly hard to comprehend. However, the numbers do not lie and I can easily state that it has been challenging, rewarding and a very gratifying time within a fantastic and underrated industry.” Although associated with Western Surety since its establishment in 1909, “It’s all about the People” is a slogan which Donald states can be applied to the entire industry. “Be it colleagues, directors, brokers, contractors, reinsurers, competitors and other stakeholders, I have been truly fortunate to have met hundreds of great people over the years!”
On a national basis, the Canadian surety industry will ultimately conclude with an above average year of results including a relatively low loss ratio and an enhanced premium base. While our loss ratio will be within range of the national average, we also will conclude the year in excess of $35,000,000 in premium for the first time; certainly augmented by the largest annual “New Submission” premium in WSC history.
“Despite these milestones” Donald notes, “2022 will be a year where our long-term relationships with several reinsurance partners are positively recognized and overtly appreciated. While the current renewal for 2023 is among the hardest in reinsurance history, I personally and on behalf of the staff, thank our reinsurance stakeholders for their contributions which are always managed in a professional and timely manner.”
As noted in previous year-end ezines, our surety industry continues to face the challenges of an employee market with a shortage of quality surety personnel. Unfortunately, our industry is just one of many in Canada preoccupied with this issue. As such, Western Surety was very fortunate to hire three young professionals in 2022 including an experienced underwriter in Head Office - Jordan Shulz - and two newcomers to the “company side” in Toronto - Jared Dolson and Michael Chiarantano. With a number of internal promotions anticipated in early 2023, Donald is pleased to confidently state “our overall underwriting staff will have as much depth as any other point in my presidency.”
Other positive developments in 2022 for Western Surety include a major investment to enhance our entire IT support system, four WSC employees receiving their ACSB designations - Rej Carpentier and Branden Notschaele in Regina and the aforementioned Messrs. Schulz and Chiarantino, but perhaps most importantly, we are close to realizing the end of the COVID pandemic after nearly 3 years of impact.
As we look toward 2023 with economic uncertainty and possibility of a formal recession, Donald acknowledges that while we approach the year with very cautious optimism, “Western Surety will continue to provide consistent, predictable, and professional surety support while enhancing our long-term relationships with value added brokers, reinsurers and contractors.”
Delivered by a company “Family Built and Canadian Owned”, Western Surety will continue to provide the best service in the Canadian surety industry.
On behalf of the entire WSC staff and ownership, have a Merry Christmas and Happy New Year!
President and CEO
Continuing our tradition of having our employees enter into a draw for the right to select Western Surety’s annual Christmas charity donation, Hollie Veresh, Regina Office, chose the Heart & Stroke Foundation.
Left to Right: Paul Hill (Chairman of WSC Board), Scott Donald (President and CEO of WSC), Matthew Hill (Vice Chairman of WSC Board)
Our Regina (including remote), Toronto, and Halifax offices Holiday Schedule is as follows:
Friday, December 23rd – CLOSING AT NOON (local time)
Monday, December 26th – CLOSED
Tuesday, December 27th – CLOSED
Friday, December 30th – CLOSING AT 3:00 PM (local time)
Monday, January 2nd – CLOSED
2100-1881 Scarth Street
Regina, SK Canada S4P 4K9