BMO life insurers plan to amalgamate

Summary#

Notice that BMO Life Insurance Company and BMO Life Assurance Company plan to apply to the Minister of Finance to combine into a single insurer called BMO Life Assurance Company / BMO Société d’assurance-vie. The application is to be made on or after July 28, 2025, with a proposed effective date of November 1, 2025; publication of the notice does not mean the merger is approved.

What it does#

• The two firms will make a joint application for letters patent of amalgamation under the Insurance Companies Act (Canada).
• If approved, the two companies would continue as one company named BMO Life Assurance Company / BMO Société d’assurance-vie.
• The head office of the amalgamated company would be in Toronto, Ontario.
• The proposed effective date is November 1, 2025, or another date set in the letters patent.
• The notice states that publication is not proof that approval will be granted; the final decision is up to the Minister of Finance and the normal review process.

Who's affected#

• Customers and policyholders of BMO Life Insurance Company and BMO Life Assurance Company may notice administrative or contact changes.
• Employees, agents, and service providers of the two companies could see internal changes from the consolidation.
• Regulators and the Minister of Finance are involved because regulatory approval is required.
• The notice does not say whether individual insurance policies, rates, or claim processes will change.

Why it matters#

• Combining two insurers can simplify paperwork and operations. That can mean different contact addresses, statements, or customer-service channels for policyholders.
• The notice does not confirm any change to coverage or claims rights. Policyholders should watch for follow-up communications before assuming anything changes.
• The merger still needs regulatory approval, so it may not happen or the terms could change during review.