Markel branch and Insurance Stewards proposal

Summary#

The Canada Gazette published two notices about insurance filings. Markel International Insurance Company Limited says it will apply to set up a Canadian branch to insure certain commercial risks, and Portfolio Stewards Inc. (with Stewardship Alternative Income Fund and Paul and Peggy Tyers) says it will apply to incorporate a new Canadian life insurer called Insurance Stewards Inc..

What it does#

• Markel International Insurance Company Limited

  • Will apply (under section 574 of the Insurance Companies Act (Canada)) to be allowed to insure risks in Canada.
  • Plans to use the English name Markel International Insurance Company Limited and the French name Markel compagnie d’assurance internationale limitée.
  • Seeks permission to insure risks in these classes: accident and sickness; boiler and machinery; fidelity; legal expenses; liability; property; and surety.
  • Its head office is in London, England, and the proposed Canadian chief agency would be in Toronto, Ontario.
  • The company indicated it will file the application on or after September 5, 2023.

• Portfolio Stewards Inc. and partners

  • Intend to ask the Minister of Finance for letters patent to create a life insurance company that would sell life and health insurance products.
  • The proposed company name is Insurance Stewards Inc. and its head office would be in Toronto, Ontario.
  • They plan to file the application on or after September 26, 2023.
  • The notice says that publication does not guarantee the incorporation; approval depends on the normal review and the Minister’s decision.

Who's affected#

• Businesses and organizations that buy commercial insurance could be affected if Markel International Insurance Company Limited starts offering the listed coverages in Canada.
• Potential individual and group customers of life and health insurance could be affected if Insurance Stewards Inc. is incorporated and begins selling products.
• The federal regulator, the Office of the Superintendent of Financial Institutions, and the Minister of Finance are the officials who will review the applications.
• It is unclear from the notice how soon products would be available or exactly which markets or regions in Canada would see immediate effects.

Why it matters#

• A new Canadian branch of Markel International Insurance Company Limited could increase competition and choices for businesses needing specialized commercial insurance coverages.
• A proposed new life insurer, Insurance Stewards Inc., could add options for life and health insurance buyers in Canada if it is approved.
• These notices are early steps — they do not mean approvals have been granted. Interested parties had the chance to object to the incorporation application by September 26, 2023 (for the Stewardship filing).