AIG unit Validus Reinsurance plans expansion into Canadian reinsurance market

Bermuda-based Validus Reinsurance, a part of American International Group (AIG), is planning to establish a new reinsurance branch in Canada.

According to a March 02 notice given in Canada Gazette, the company is looking to file an application with the country's federal regulator, Superintendent of Financial Institutions (OSFI), on or after April 8, 2019.

"In particular, Validus Reinsurance, Ltd. intends to provide in Canada treaty and facultative reinsurance of commercial property and casualty and specialty risks," reads the notice. "All classes of insurance will be limited to the business of reinsurance."

Validus also stated that its Canadian chief agency will be located in Toronto, Ontario.

Validus Holdings was acquired by AIG for an aggregate transaction value of $5.56 billion in 2018. The deal included Validus Re, a treaty reinsurer with a focus on property catastrophe, marine and specialty with gross premium written of $1.11 billion in the last twelve months as of September 30, 2017.

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