The Surety Association of Canada (SAC) was formed in 1992 by a group of companies that believed the surety industry needed a voice that was independent of its cousins in the insurance industry. Until that point, the Insurance Bureau of Canada (IBC) had assumed the role of industry advocate for suretyship on behalf of its member firms. This was not an ideal arrangement for two reasons:
Not representative of industry
Some of the largest writers of surety bonds were not members of IBC. At that time, IBC represented less than 50% of the surety writers from coast to coast.
Unique product requires its own voice
The uniqueness of surety and the vastly different advocacy imperatives required an organization that was focused on surety and on being the voice of the industry.
Read More about SAC's History
How It All Began: 1990 to 1992