Endurance Specialty Insurance seeks Canadian branch

Summary#

Endurance Specialty Insurance Ltd. says it will apply under the Insurance Companies Act to open a Canadian branch that can sell certain insurance in Canada. The company plans to file the application on or after March 17, 2024; the notice was signed on February 17, 2024.

What it does#

• Files an application with the Superintendent of Financial Institutions to allow a Canadian branch of Endurance Specialty Insurance Ltd. to operate.
• Asks permission to insure risks in Canada under the English name Endurance Specialty Insurance Ltd. and the French name Assurances spécialisées Endurance ltée.
• Seeks approval to write these classes of insurance: property, liability, boiler and machinery, fidelity, automobile, marine, surety, and aircraft.
• Says the insurer’s head office is in Hamilton, Bermuda, and that its Canadian chief agency will be in Toronto, Ontario.
• Notes the ultimate parent company is Sompo Holdings, Inc., and the filing was made through solicitors Torys LLP.

Who's affected#

• People and businesses that buy insurance in the listed classes (for example, property owners, drivers, businesses with liability or marine exposure).
• Insurance brokers and agents who place business in those markets.
• Other insurers and competitors in Canada’s property and casualty market.
• The federal regulator, the Superintendent of Financial Institutions, which will review the application.

Why it matters#

• If approved, this would add a new foreign-owned insurer to the Canadian market. That can mean more options for buyers and more competition for existing insurers.
• It could affect availability, choice, or pricing for the listed types of insurance.
• For now, this is a notice of an intended application — the company is not yet approved to operate in Canada.