Europ Assistance and NAS seek Canadian branches

Summary#

This notice announces that Europ Assistance S.A. and North American Specialty Insurance Company plan to apply to set up Canadian branches under the Insurance Companies Act (Canada). Each company says it will file its application on or after February 21, 2022; these are applications, not approvals.

What it does#

• Europ Assistance S.A.

  • Intends to apply to insure risks in Canada under the Insurance Companies Act (Canada).
  • Plans to offer coverage for property, liability, accident and sickness, and automobile risks.
  • Head office is in Paris, France, and the Canadian chief agency would be in Toronto, Ontario.
  • Its ultimate parent is Assicurazioni Generali S.p.A. (Italy).

• North American Specialty Insurance Company (often called NAS)

  • Intends to apply to insure a wide range of classes in Canada under the Insurance Companies Act (Canada), including: property; accident and sickness; aircraft; automobile; boiler and machinery; credit; fidelity; hail; liability; marine; and surety.
  • Head office is in Kansas City, Missouri, and the Canadian chief agency would be in Toronto, Ontario.
  • NAS is an affiliate of Westport Insurance Corporation. If approved, Westport expects to move its existing Canadian operations into the new NAS branch.
  • NAS says that, subject to U.S. approvals, it will change its name to Swiss Re Corporate Solutions America Insurance Corporation, which would also be the name used in Canada.

Who's affected#

• Customers and businesses that buy the kinds of insurance these companies offer (for example, property, automobile, liability, commercial coverages).
• Insurance brokers and agents who place business with international insurers.
• Westport Insurance Corporation’s Canadian customers, if their policies are transferred to NAS (and later renamed).
• Regulators and other Canadian insurers who pay attention to new international entrants.
  If anything above is unclear in the original notice, that uncertainty is noted here.

Why it matters#

• New Canadian branches of foreign insurers can increase competition and bring more product options to consumers and businesses.
• Customers of Westport Insurance Corporation may see their policies moved to a different corporate entity and possibly a new name, which could affect how their policies are managed or renewed.
• These are applications only; approval by the federal regulator is still required. Readers with current or planned insurance needs may want to watch for final approvals or public notices from their broker or insurer.