Markel Branch and New Life Insurer Proposed

Summary#

• The notice announces two separate insurance-related filings.
• Markel International Insurance Company Limited plans to apply to operate a Canadian branch to sell several commercial insurance lines, and Stewardship Alternative Income Fund and partners plan to apply to create a new Canadian life insurer called Insurance Stewards Inc.; both applications were scheduled to be filed in September 2023.

What it does#

• Markel International Insurance Company Limited intends to file under Insurance Companies Act (Canada) (section 574) to be allowed to insure risks in Canada under the English name “Markel International Insurance Company Limited” and the French name “Markel compagnie d’assurance internationale limitée.” It says it would cover these classes:

  • accident and sickness
  • boiler and machinery
  • fidelity
  • legal expenses
  • liability
  • property
  • surety
    The company’s head office is in London, England, and its Canadian chief agency would be in Toronto. The notice says the company is a wholly owned subsidiary of Markel Corporation (Richmond, Virginia, U.S.).

• Stewardship Alternative Income Fund, its manager Portfolio Stewards Inc., and Paul Tyers and Peggy Tyers intend to apply for letters patent from the Minister of Finance to incorporate a life insurance company named Insurance Stewards Inc. That company would offer life and health insurance products and have its head office in Toronto.

  • Objections can be sent in writing to the Office of the Superintendent of Financial Institutions by September 26, 2023.
  • The notice also makes clear that publication does not guarantee the letters patent will be issued; approval depends on the usual review and the Minister’s decision.

Who's affected#

• Businesses and organizations in Canada that buy or broker the listed commercial insurance lines (accident and sickness, boiler and machinery, fidelity, legal expenses, liability, property, surety) may see a new foreign insurer enter the market if Markel International Insurance Company Limited is approved.
• People or firms interested in new life or health insurance products could be affected if Insurance Stewards Inc. is incorporated.
• Insurance brokers, competitors, and the investors or clients of the entities involved may notice changes.
• Anyone who objects to the proposed incorporation of Insurance Stewards Inc. had the right to submit a written objection to the Office of the Superintendent of Financial Institutions by September 26, 2023.

Why it matters#

• A new branch of a foreign insurer or a new Canadian life insurer can increase choice and competition in the insurance market. That can affect prices, product availability, and the options brokers can offer.
• These are applications, not approvals: the notices are the start of a regulatory review. Approval is not guaranteed.