Markel Canadian Branch and New Life Insurer

Summary#

Two notices in the Canada Gazette say new insurance operations are being proposed in Canada.
One is for a Canadian branch of Markel International Insurance Company Limited, which plans to seek approval to insure several commercial lines. The other is a proposal by Stewardship Alternative Income Fund and its partners to form a Canadian life insurance company called Insurance Stewards Inc.; the public may file objections by September 26, 2023.

What it does#

• Markel International Insurance Company Limited plans to file (under section 574 of the Insurance Companies Act (Canada)) for permission to insure risks in Canada. It has said it would operate in both English and French names and cover these classes: accident and sickness; boiler and machinery; fidelity; legal expenses; liability; property; and surety. The company’s head office is in London, England, and it plans a Canadian chief agency in Toronto.
• Stewardship Alternative Income Fund, together with Portfolio Stewards Inc. and individuals Paul Tyers and Peggy Tyers, intend to apply (under paragraph 25(2) of the Insurance Companies Act (Canada)) for letters patent to incorporate a life insurance company to sell life and health insurance products. The proposed legal name is Insurance Stewards Inc. and its head office would be in Toronto.
• The notice for the proposed life insurer says any written objection must be sent to the Office of the Superintendent of Financial Institutions by September 26, 2023.
• The Gazette publication does not mean these approvals or letters patent have been granted. Final decisions depend on the normal review by regulators and the Minister of Finance.

Who's affected#

• Consumers and businesses looking for insurance in the listed classes (commercial lines for Markel; life and health products for Insurance Stewards Inc.).
• Insurance brokers and agents in Toronto and elsewhere who might distribute these products.
• Competing insurers that serve the same markets.
• The Office of the Superintendent of Financial Institutions and the Minister of Finance, who will review the applications.
• Members of the public who wish to object to the proposed life insurer (objections due September 26, 2023).

Why it matters#

• If approved, a branch of Markel International Insurance Company Limited would add another source of commercial insurance capacity in Canada, which can affect prices and availability for businesses.
• The proposed Insurance Stewards Inc. could bring a new life and health insurer to the market, potentially offering new products or distribution channels.
• The public objection period gives citizens and industry participants a chance to raise concerns before a final decision is made.
• Publication alone is not approval; these are steps in a regulatory process, not final permits.