Market

Toronto reinsurance: OSFI flavour, Canadian cedents, and CAD treaty files

Toronto is where Canadian P&C cedents meet OSFI-flavoured reporting, CAD accounts, and ice, flood, and wildfire years that are not Florida wind. Reinsured.AI does not hold an OSFI order. This page is how Canadian treaty bordereaux, wordings, and loss runs fail when the year of account and the province disagree.

Toronto is a cedent city more than a Lloyd's box. Canadian property and casualty insurers buy treaty and facultative from London, Bermuda, and continental writers, and they produce the bordereaux those markets must post. The Office of the Superintendent of Financial Institutions supervises federally regulated insurers and flavours the capital and reporting conversation, including MCT in ways your appointed actuary already knows. This page uses that flavour. It does not invent an OSFI order for Reinsured.AI, and it does not list a Bay Street or King Street West office as if we were a Canadian carrier.

Placing customs are bilingual and provincial. English wordings sit beside French exhibits for Quebec. A programme that covers Ontario condominium construction is not automatically covering a Quebec bill 25 privacy exhibit or a British Columbia wildfire zone. Ice storm, freeze-up, overland flood, and sewer backup are the perils Canadian desks argue. They are not US wind with snow. The Bordereaux Agent is the named worker for inbound and outbound Canadian schedules — premium, claims, commission — mapped to the wording, not to last quarter's English headers.

Treaty reinsurance is how the automatic Canadian quota share and cat XoL should be administered. Facultative reinsurance is the leftover when a Toronto tower or an Alberta camp sits outside class. The brokers hub is how that leftover pack should leave the Canadian broker before it hits London or Bermuda. Do not drop the facultative certificate into the OSFI-flavoured treaty bordereau because the cedent number matched.

OSFI flavour without a fake order

OSFI expects the federally regulated insurer to know its reinsurance and its counterparties. Credit for reinsurance, registered versus unregistered reinsurers, and collateral are the carrier's and counsel's. This product does not file an OSFI return. The honest connection is documents: the wording, the collateral agreement, the share, the territory. If the actuarial team assumes a registered Bermuda reinsurer and the certificate is unregistered paper without the collateral page in the pack, the MCT conversation will be fluent and wrong.

Provincial regulators still exist beside OSFI for some entities. This page will not invent which licence a fictional ACME insurer holds. Software should extract the named regulator from the document you have, or list it as a gap. Do not infer "federal" from a Toronto mailing address.

Events still matter when the same Canadian broker flies to Monte Carlo for 1/1. The Toronto file does not become a London MRC because it travelled. 1 January remains the main treaty season for many Canadian programmes. Mid-year endorsements for western wildfire or flood are separate documents.

CAD accounts and Canadian CAT

Currency looks simple until it is not. A CAD policy, a USD facultative placement into Bermuda, and a London following line in GBP will be averaged if you let them. The rate as-at is a field or a gap. Inventing a Bank of Canada print to close the month is an accounting story.

Canadian CAT is ice, freeze, flood, and wildfire, with earthquake in British Columbia and parts of the St. Lawrence. Hours clauses still govern. A 72-hour winter-storm clause is not an Alberta wildfire event definition. If the cat XoL uses one and the per-risk uses another, a single January ice week can be two recoveries or one. Show the page. Reinsurance AI is the operations map for leaving those clauses as fields.

Quebec versus rest-of-Canada is an ops leak, not a slogan. A bordereau that mixes Quebec French occupancy codes with Ontario class codes without a mapping is not ready to book. Do not translate occupancies by instinct.

Documents a Bay Street cedent actually sends

Typical files:

• Treaty wordings in English, sometimes with French schedules for Quebec
• Premium, claims, and commission bordereaux in CAD
• SOVs for GTA, prairie, and coastal sites, with flood and wildfire as fields
• Loss runs with as-at dates; freeze and ice losses without an as-at are chase items
• Facultative slips when a condo tower or an energy camp is thrown out of the treaty
• Collateral and trust exhibits when the reinsurer is unregistered for credit purposes
• OSFI or provincial exhibits as documents to extract from, not as filings we submit

Restatements after a late Canadian close are ordinary. Prior-quarter premium that moves in Q4 needs a bridge. If the covering email's total matches a subtotal labelled "Ontario" and not the Canada grand total, that is a conflict.

The illustration of Toronto commercial-file work, labelled as an illustration and not as customer proof, is the Toronto insurer commercial-lines illustration. It is not an OSFI letter and not a logo wall.

ACME Construction Ltd in the GTA

Walk a fictional file. ACME Construction Ltd, domain acme.example, is pouring a mid-rise in Mississauga and a riverside job in the Port Lands. The 1/1 quota share is CAD, class construction, territory Canada excluding Quebec, flood sublimit in clause 9. The inbound premium bordereau includes a Montreal fit-out booked through a Quebec subsidiary. The facultative wildfire cover for a summer camp ACME is building in Alberta is a separate USD slip to Bermuda. The loss run is dated the prior ice-storm season and has no as-at.

The Montreal row is a territorial exception unless a special acceptance exists. The Alberta camp is facultative, not treaty. The Port Lands flood zone on the SOV disagrees with clause 9 if the sublimit was meant to exclude overland flood. A Toronto cedent who sends one zip labelled ACME 2026 has sent three contracts. The pack should say so.

This page will not invent an OSFI order. It will not publish a Canadian ROI. It will not display insurer logos. Humans still file the return and set flood appetite. Software can cite the CAD share, the Quebec row, and the Alberta slip that never belonged on the treaty bordereau.