Insurance amalgamations and capital reduction

Summary#

This Canada Gazette notice contains three corporate announcements: planned amalgamations and a planned capital reduction. The notices say BMO Life Insurance Company and BMO Life Assurance Company will apply for amalgamation (application on or after July 28, 2025, proposed effective November 1, 2025), the Royal & Sun Alliance Insurance Company of Canada, Intact Insurance Company and 13130100 Canada Inc. will apply for amalgamation (application on or after July 14, 2025, proposed effective January 1, 2026), and Fiduciary Trust Company of Canada plans to ask the regulator to cut its stated capital by up to $22.0 million (special resolution passed June 13, 2025). Publication is notice of intent only — it does not mean approvals have been granted.

What it does#

• BMO Life Insurance Company and BMO Life Assurance Company

  • Say they will apply under the Insurance Companies Act (Canada) to merge into a single company named BMO Life Assurance Company (English) / BMO Société d’assurance-vie (French).
  • The combined company’s head office would be in Toronto, Ontario.
  • They give a proposed effective date of November 1, 2025 (or another date set by the letters patent).

• Fiduciary Trust Company of Canada

  • Intends to apply to the Superintendent of Financial Institutions (Canada) under the Trust and Loan Companies Act (Canada) to reduce the stated capital of its common shares by up to $22.0 million.
  • The company’s sole shareholder passed a special resolution on June 13, 2025 authorizing that reduction and allowing the company’s CFO to set the exact amount within the $22.0 million limit.
  • The notice warns that regulator approval is required and not guaranteed.

• Royal & Sun Alliance Insurance Company of Canada, Intact Insurance Company, and 13130100 Canada Inc.

  • Plan to apply under the Insurance Companies Act (Canada) to amalgamate and continue as Intact Insurance Company (English) / Intact Compagnie d’assurance (French).
  • The amalgamated company’s head office would be in Toronto, Ontario.
  • A report from an independent actuary will be available to policyholders on request.
  • They give a proposed effective date of January 1, 2026 (or another date set by the letters patent).

Who's affected#

• Policyholders of BMO Life Insurance Company, BMO Life Assurance Company, Royal & Sun Alliance Insurance Company of Canada, and Intact Insurance Company may notice changes in company name, where corporate records are kept, or who administers their policies. The notices say an actuary’s report will be available to policyholders in the Intact/RSA case.
• The sole shareholder of Fiduciary Trust Company of Canada is directly affected because the planned reduction of stated capital would be distributed to that shareholder.
• Employees, contract service providers, and business partners of the companies could be affected in ordinary business ways (administration, branding, back-office changes), though the notices don’t give details.
• The Minister of Finance and the Superintendent of Financial Institutions (Canada) are the regulators who must approve these transactions.

Why it matters#

• Amalgamations can simplify corporate structures and change which legal entity holds your insurance contract or records. That can affect where you send questions or how documents are issued, even if the policies themselves don’t change.
• The planned $22.0 million reduction in stated capital at Fiduciary Trust Company of Canada means cash or capital would move to its sole shareholder if the regulator approves it.
• These are notices of intended filings and proposed dates — they do not mean the mergers or the capital reduction have been approved. If you are a policyholder or shareholder and want details, the notices point to how to request the actuary’s report or where to follow up.