Indemnity National Insurance to open Canadian branch

Summary#

Indemnity National Insurance Company (a Mississippi-based insurer) says it will apply to the federal regulator to open a Canadian branch and offer insurance in Canada. The company plans to file that application on or after October 30, 2023.

What it does#

• The company will apply under the Insurance Companies Act for permission to insure Canadian risks.
• It plans to operate in Canada under the English name Indemnity National Insurance Company and the French name Société d’assurance indemnité nationale.
• It intends to insure property, casualty and surety risks across Canada.
• The insurer’s U.S. head office is in Jackson, Mississippi, and its Canadian chief agency would be in Toronto, Ontario.
• The application will be filed with the Superintendent of Financial Institutions.

Who's affected#

• Canadians who buy property, casualty or surety insurance (homeowners, businesses, contractors, etc.).
• Insurance brokers and agents who place those kinds of coverage.
• Other insurers and industry stakeholders who watch market entry and competition.
• The federal regulator (the Superintendent of Financial Institutions) will review the application.

Why it matters#

• If approved, this could add another option for Canadians seeking property, casualty or surety insurance.
• More insurers can affect availability and competition in specific insurance markets.
• This notice is an intention to apply — it does not mean the branch is approved yet.