New insurer will be based in Toronto
DAS, the UK’s largest legal expenses insurer, is to launch a Canadian company.
The expansion – its first beyond Europe –represents a C$30m (£17m) investment by DAS and its parent company DAS Rechtsschutz, which will hold a minority stake in the new business.
The new insurer, a subsidiary of DAS UK Holdings, will have its head office in Toronto.
It will also open offices in Vancouver and Calgary, subject to obtaining a licence from the Office of the Superintendent of Financial Institutions, the Canadian regulator. The company expects to have a broker business development team in place before the end of the year.
Paul Asplin, chief executive of DAS UK, said there were significant opportunities in the Canadian market.
“Although there is some limited availability of legal expense insurance in Canada, the market is largely undeveloped.
“Our market research shows there is a clear need to offer a solution to the problems of funding legal action for individuals and businesses.
“Although there are clear parallels between the British and Canadian markets, our products have been designed to cater specifically to the needs of the Canadian market.”
The Canadian company will be headed by Colin Simpson, former president and chief executive at York Fire and Casualty Insurance Company, a casualty underwriter based in Ontario.
He will be joined by Jas Basra, a Canadian lawyer who has been working for DAS in the UK, heading the Canadian project team.
