Endurance Specialty Insurance: Canadian Branch

Summary#

A notice says Endurance Specialty Insurance Ltd. intends to apply to set up a Canadian branch and to insure certain kinds of risks in Canada. The company plans to file its application under the Insurance Companies Act with the Superintendent of Financial Institutions on or after March 17, 2024.

What it does#

• The company intends to file an application under section 574 of the Insurance Companies Act to get permission to insure risks in Canada.
• It will use the English name Endurance Specialty Insurance Ltd. and the French name Assurances spécialisées Endurance ltée for its Canadian business.
• The classes of insurance named in the notice are: property, liability, boiler and machinery, fidelity, automobile, marine, surety, and aircraft.
• The insurer’s head office is in Hamilton, Bermuda, and its planned Canadian chief agency would be in Toronto, Ontario.
• The notice says the ultimate corporate parent is Sompo Holdings, Inc. (incorporated in Japan).
• The notice in the Gazette is dated February 17, 2024 and was published on February 24, 2024. The company filed the notice through its solicitors, Torys LLP.

Who's affected#

• Businesses and organizations that buy commercial insurance in the listed classes (property, liability, automobile, marine, aircraft, surety, fidelity, boiler and machinery).
• Insurance brokers and agents who place those kinds of coverage.
• Competing insurers and market analysts watching capacity and competition in specialty insurance.
• Regulators and the broader insurance market, if the application is approved and the branch starts operating.

If the application is not approved or is changed, the practical effects would be different. The notice itself is a statement of intent, not approval.

Why it matters#

• If approved, this could add another provider of specialty commercial insurance in Canada, which may increase options or capacity for large or unusual risks.
• A new branch backed by a large parent company (Sompo Holdings, Inc.) might affect pricing, availability, or service for brokers and buyers in those insurance classes.
• For now, the item is a procedural step: it tells the public and the regulator that the company plans to apply. The actual impacts depend on whether the application is approved.