Royal & SunAlliance Insurance Company of Canada and The Guarantee Company of North America sign a Strategic Initiative

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TORONTO (ON), December 5, 2001 – The Royal
& SunAlliance Insurance Company of Canada and The Guarantee Company of North America
have signed a Strategic Initiative to provide their independent brokers currently dealing
with either Insurer the ability to market both Construction Insurance and Contract Surety Bonds.

In a joint statement Mike Jakeman, Vice-President
Commercial Insurance at Royal & SunAlliance Insurance Company of Canada and Jules
Quenneville, President & CEO at the Guarantee Company of North America said: “By
working together we will provide our construction customers with the best possible
construction and contract bonding solutions available.”

Royal & SunAlliance Canada and DPIC Companies, part of
the Royal & Sun Alliance Insurance Group plc, offer project owners and general
contractors Total Project Protection. It’s a complete insurance package that
can be customized to include all-risk property insurance; project specific professional
liability that covers services offered by design team members and sub-consultants; project
delay in start up coverage; cargo-to-construction which covers direct damage and delay in
start up coverage for project supplies and equipment from shipping until arrival at the
job site; and wrap-up liability which is comprehensive general liability insurance for the
entire team of owners, contractors, subcontractors, consulting engineers and architects.

The Guarantee Company of North America, the leading writer
of surety bonds in Canada, provides Contract Surety bonds, which are required on
most government projects and oftentimes in private and institutional projects. Contract
includes, but is not limited to, bid bonds; surety consent; performance bonds;
labour and material payment bonds; maintenance bonds; lien bonds; and supply bonds.

About Royal & SunAlliance Canada

Royal & SunAlliance Canada employs over 2,200 people
and works with approximately 900 independent-brokerage owners across the country. In 2000,
the Company wrote more than $1.3 billion in gross premiums with recorded assets of $3.5
billion. Internationally, Royal & SunAlliance conducts business in more than 130
countries, and has assets of $160 billion Cdn.

About The Guarantee Company of North America

The Guarantee Company of North America is a Canadian owned
property and casualty insurance company serving the insurance needs of Canadians for over
128 years and is the leading issuer of surety and fidelity bonds in Canada. The Company,
from seven offices located in major centers across Canada, specializes in Commercial and
Contract Surety, Fidelity, Credit, Directors’ and Officers’ Liability and
Personal lines insurance including its high value Guarantee Gold coverage, delivering its
products through the independent broker network.

Total Project Protection and Contract Surety
solutions are available through independent insurance brokers across Canada.

Media contact:
Cara Epp
T. 905-454-0242