Endurance Specialty Insurance to Apply in Canada
Canada Gazette, Part I, Volume 158, Number 10: MISCELLANEOUS NOTICES
Endurance Specialty Insurance Ltd., a Bermuda-based insurer, intends to apply under the Insurance Companies Act to open a Canadian branch and to insure risks in the property, liability, boiler and machinery, fidelity, automobile, marine, surety and aircraft classes. The company plans to file the application with the Superintendent of Financial Institutions on or after 2024-03-17; its head office is in Hamilton, Bermuda, with a proposed Canadian chief agency in Toronto, Ontario. This notice is of an intended application only—regulatory approval is still required.
Summary
Summary#
Endurance Specialty Insurance Ltd. says it will apply to the federal regulator to open a Canadian branch. If the application goes ahead, the company would seek approval to insure Canadian risks in several commercial insurance classes starting with an application filed on or after March 17, 2024.
What it does#
- Endurance Specialty Insurance Ltd. (a Bermuda insurer) intends to file an application under the Insurance Companies Act (section 574) with the Superintendent of Financial Institutions to be allowed to insure risks in Canada.
- The company will ask to operate in these classes of insurance: property, liability, boiler and machinery, fidelity, automobile, marine, surety, and aircraft.
- The insurer’s head office is in Hamilton, Bermuda. Its planned Canadian chief agency would be in Toronto, Ontario.
- The company’s ultimate parent is Sompo Holdings, Inc., a company incorporated in Japan.
- The notice in the Gazette is dated February 17, 2024 and the application is to be filed on or after March 17, 2024. The notice was published in the Canada Gazette on March 9, 2024. The filing was submitted by solicitors Torys LLP.
Who's affected#
- Businesses and organizations that buy commercial insurance in the listed classes (property, liability, boiler and machinery, fidelity, automobile, marine, surety, aircraft).
- Insurance brokers and agents who place or negotiate coverage in those areas.
- Competing insurers and the federal regulator, which will review the application.
- If the Gazette text is unclear about any specific product lines or timelines, the exact local impact is also unclear.
Why it matters#
- If approved, a new foreign-owned insurer would be able to underwrite a range of commercial risks in Canada. That can mean more options or capacity for buyers of commercial insurance.
- For people and businesses seeking those kinds of coverage, the change could affect availability, pricing, or who can provide policies.
- This notice is about an intended application, not an approval. The regulator still needs to review and decide.
Key topics
Source: Canada Gazette