Validus Reinsurance, a Bermudian financial services firm, is reportedly planning to foray into Canadian market to provide insurance products and services to insurance companies in the country.
American International Group (AIG) acquired Validus Reinsurance in July last year in an all-cash deal valued at approximately $5.56bn.
Go deeper with GlobalData
Operating through its subsidiary AIG Insurance Company of Canada, the New York-based AIG offers property and casualty insurance in the country.
However, Validus Reinsurance will focus on offering insurance for insurance companies.
A recent notice of AIG was cited by Financial Post as saying: “In particular, Validus Reinsurance, Ltd. intends to provide in Canada treaty and facultative reinsurance of commercial property and casualty and specialty risks. All classes of insurance will be limited to the business of reinsurance.”
Validus will submit an application with the Office of the Superintendent of Financial Institutions in Canada, seeking permission to insure risk in Canada.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataUpon securing the regulatory nod, which is likely to take at least 12 to 18 months, the company will open its ‘chief agency’ in Toronto.
AIG, founded in 1919, provides a number of life insurance, retirement products, property and casualty insurance, and other financial services to customers in more than 80 countries and jurisdictions.
