Travelex Insurance Services, a U.S. company specializing in the distribution of travel insurance products, has opened its first Canadian location in Toronto.
The announcement was made in a press release on Nov. 21. Travelex has been operating in the United States for over 25 years.
Travelex has been part of the Zurich family of global brands since 2017, which operates in about 15 countries. Travelex is headquartered in Omaha, Nebraska.
CEO Shannon Lofdahl points out that Travelex is renowned for its quality customer service. “I think Canadian travellers will be impressed with what we have to offer them,” she says. The Canadian offering also includes claims administration.
According to Brooke Kirby, Travelex's Vice-president of Marketing, the company did not have to publish a notice of branch establishment in the Canada Gazette because it is not an institution covered by Canadian insurance legislation.
Travelex’s Canadian operations fall under Ontario's legislation, sources at the Department of Finance Canada and the Office of the Superintendent of Financial Institutions (OSFI) confirmed to The Insurance Portal.
According to OSFI spokesperson Carole Saindon, Travelex operates in Canada as an insurance agency, which falls under provincial jurisdiction. What’s more, its Canadian travel insurance products are underwritten by Zurich Canada, she points out. Zurich’s Canadian subsidiary is federally regulated.
