Insurers to Amalgamate as Definity

Summary#

A group of four insurers say they will apply for government approval to combine into a single company. The companies — Definity Insurance Company, Perth Insurance Company, The Missisquoi Insurance Company, and Waterloo Insurance Company — plan to continue as Definity Insurance Company with a head office in Waterloo, Ontario. The application would be made on or after June 26, 2023 and the proposed effective date is January 1, 2024. The notice was published June 3, 2023.

What it does#

• Announces the companies’ plan to ask the federal government for formal approval (letters patent) to merge them into one insurer.
• Says the merged company would use the name Definity Insurance Company in English and Compagnie d’assurance Definity in French.
• States the merged company’s head office would be in Waterloo, Ontario.
• Notes the application is to be made under the Insurance Companies Act and to the Minister of Finance.
• Makes clear that publication of the notice is not the same as approval; the Minister must still review and decide whether to issue the letters patent.

Who's affected#

• Customers and policyholders of Definity Insurance Company, Perth Insurance Company, The Missisquoi Insurance Company, and Waterloo Insurance Company.
• Employees, agents and brokers who work with those companies.
• Business partners and service providers that deal with any of the four insurers.
• The federal regulator and the Minister of Finance, who will review the application.

Why it matters#

• If approved, the four companies would become one legal insurer, which could change how policies are managed, where bills and claims are handled, and the name customers see on documents.
• Customers should watch for notices from their insurer about any changes to billing, claims contacts, or policy administration.
• The notice is a planned step, not a final decision. The merger will only happen if the government grants the letters patent after its review.