Endurance Specialty Insurance Seeks Canadian Branch

Summary#

Endurance Specialty Insurance Ltd., a Bermuda-based insurer, says it will apply to set up a Canadian branch under the Insurance Companies Act on or after March 17, 2024. If the application is approved, the company would be allowed to insure a range of risks in Canada under its English and French names.

What it does#

• The company intends to file an application under section 574 of the Insurance Companies Act with the Superintendent of Financial Institutions.
• It seeks approval to operate in Canada under the English name “Endurance Specialty Insurance Ltd.” and the French name “Assurances spécialisées Endurance ltée”.
• It asks to insure risks in these classes:
  • property
  • liability
  • boiler and machinery
  • fidelity
  • automobile
  • marine
  • surety
  • aircraft
• The insurer’s head office is in Hamilton, Bermuda, and it says its Canadian chief agency will be located in Toronto, Ontario.
• The notice in the Gazette is dated February 17, 2024.

Who's affected#

• Businesses and individuals who buy insurance in the listed classes (property, liability, automobile, marine, etc.).
• Insurance brokers, agents, and other insurers that compete or cooperate with new entrants.
• Reinsurers and commercial clients that rely on market capacity.
• The company’s ultimate corporate parent, Sompo Holdings, Inc., may be of interest to investors and industry watchers.

Why it matters#

• If approved, the move could add another insurer offering several types of coverage in Canada. That might affect availability and choice in those insurance markets.
• It is not yet approval or a change in law; this is a notice of an intended application. The actual effect depends on the regulator’s decision after the application filed on or after March 17, 2024.