Co-operators and COSECO Plan Amalgamation

Summary#

Co-operators General Insurance Company and COSECO Insurance Company say they will apply to the federal finance minister to merge into a single insurer. If approved, the two firms would continue as Co-operators General Insurance Company (French: La Compagnie d'assurance générale Co-operators) with its head office in Guelph, Ontario and a proposed effective date of December 31, 2021.

What it does#

• The two insurers plan to make a joint application for letters patent of amalgamation under the Insurance Companies Act.
• They propose that the combined company keep the name Co-operators General Insurance Company in English (French name given above).
• The proposed head office for the new company is Guelph, Ontario.
• The companies said they will apply on or after October 4, 2021, and gave December 31, 2021 as the proposed effective date (or another date set in the letters patent).

Who's affected#

• Policyholders of Co-operators General Insurance Company and COSECO Insurance Company.
• Employees and agents, who may see organizational changes.
• Insurance brokers and business partners that deal with either firm.
• Regulators, because the merger requires federal approval under the Insurance Companies Act.
• The notice itself is dated September 3, 2021 and was published in the Canada Gazette on September 18, 2021.

If the notice is unclear about specific operational changes, it is because the companies did not provide those details in the announcement.

Why it matters#

• A single company could mean changes to paperwork, where premiums are paid, or who handles claims for customers of either insurer.
• Brand, contact details, or administrative systems could change over time.
• The merger still needs federal approval, so any changes are not final until that approval is granted.