24 April 2023Analysis

Three captives now listed in Alberta

Three captive insurance companies have been registered in Alberta Canada, the first of their kind in the new captive domicile.

The companies include Great Pacific Financial (Alberta), a property captive, Kent Insurance (Canada), which deals with liability, credit, automobile, marine, property, accident and sickness, and Norcan Insurance, which deals with liability insurance.

All three are dealt with by attorneys for service in Calgary, Alberta.

Alberta passed a law legalising captive insurance in the Canadian province in 2021, before then passing the Insurance Amendment Act 2022 to amend the law further.

Alberta is only the second province of Canada to allow captive insurance business, the first being British Columbia.