A number of foreign-owned commercial insurers operating in Canada have come together to form the Global Commercial Insurers Association (GCIA).
The Toronto-based association will provide a platform through which foreign-owned commercial insurance carriers can become informed of current regulatory developments and advocate on issues relevant to the commercial insurance industry, GCIA said in a press release on Monday.
The founding members are AIG, Allianz Global Risks Insurance Company, Lloyds Underwriters and Zurich Insurance Company Ltd.
The chair of the newly formed association is Patrick Lundy, president and CEO of Zurich Insurance, and the general manager is Anthony Laycock. Directors include Ulrich Kadow, chief agent, Allianz Global Risks Insurance Company; Sean Murphy, president of Lloyds Underwriters; and Lynn Oldfield, president & CEO of AIG.
The association, whose members represent 52% of all commercial insurance premiums in Canada (based on 2015 reported data), is positioned to become the “voice of global commercial insurance companies operating in Canada,” GCIA said in the release.
“In many instances, member companies have a unique view of market and regulatory issues arising from the complex nature of the coverages that they write and their ownership,” Lundy said in the release. “The association’s work will complement the efforts of other industry associations for the betterment of our members, benefitting the property/casualty insurance industry and our clients.”