A newly approved direct writer in the Canadian insurance sector isn’t abandoning its MGA heritage, pledging to remain committed to brokers by underwriting big U.S. exposures.
“Brokers are very excited to see us coming into the market,” says Hano Pak, chief agent and country executive for Starr Insurance and Reinsurance Ltd. “I think that when we talk about our vision of the marketplace, what we’re willing to write, we’re not going to shy away from the U.S. business, as the U.S. tends to have greater exposures and severity in regards to claims; to have someone willing to participate and underwrite in that market is important to brokers.”
The Office of the Superintendent of Financial Institutions in Canada this week approved Starr Insurance and Reinsurance Limited, a branch of the Starr Bermuda operations, allowing it to directly write a variety of commercial insurance lines.
“We want to build on the success we’ve had in the United States and internationally,” Pak told Insurance Business. “We want to do the same here in Canada – partner with our brokers, and help them find solutions to difficult accounts.”
“The news of the Federal Order from OSFI is another significant step in Starr’s global reach,” says Charles Dangelo, vice chairman of Starr Insurance & Reinsurance. “Furthermore, Hano’s knowledge and experience in the Canadian commercial insurance market will be assets as we grow our presence in North America.”
Starr has already received a number of provincial licenses to operate in Canada, with Ontario being the most recent. (continued.)
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“We’re going to get licensed across Canada, and we are working with provincial regulators to get that in place,” says Pak. “We want to write business across Canada. We’ve been reaching out to brokers this week to let them know we are now licensed in Ontario.”
Pak, who brings 17 years of experience to Starr Insurance, says that the managing general agent Starr Technical Risks Agency (Starr Tech) will continue.
“Starr has been around as an MGA through Starr Tech for many years, and Starr Tech will continue to be around. Star Tech has done a great job for years just doing property,” he says. “But what Starr Insurance and Reinsurance in Canada is going to be able to bring to the table is not just property; we will now be able to provide a full suite of products to Canadian clients: be it primary or excess casualty, Directors and Officers Liability (D&O), professional liability… provide marine, aviation, and general property.”
