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ARTICLE · 02 JANUARY 2025

Three's Company: Alberta Formalizes Position On Third-party Risks For Captives

Borden Ladner Gervais LLP
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On December 12, 2024, Alberta's Superintendent of Insurance released Bulletin 08-2024: Captives reinsuring third-party risks, which formalizes what some of us deeply involved in the Alberta...

CanadaInsurance
Rick Da Costa
Rick Da Costa
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On December 12, 2024, Alberta's Superintendent of Insurance released Bulletin 08-2024: Captives reinsuring third-party risks, which formalizes what some of us deeply involved in the Alberta captive insurance company ecosystem have understood for some time.

The bulletin provides that an Alberta captive insurance company (an Alberta Captive) may assume third-party risks where all the following criteria are satisfied:

  1. There is an existing relationship between the Alberta Captive's owner(s) and the third-party(ies).
  2. The third-party risks are insured directly by an insurer licensed in the jurisdiction in which the risk originates. This "fronting insurer" then reinsures (or cedes) the risk to the Alberta Captive.

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