Intact Amalgamation; Nanopay Bank; Pacific Life Re

Summary#

This Canada Gazette page publishes three separate corporate notices. They announce: an intended merger of Intact Insurance Company and The Guarantee Company of North America; an application by nanopay Holdings Inc. to incorporate a bank called “Payments Bank™” / “Banque Paiements”; and an application by Pacific Life Re International Limited to open a Canadian branch to do life reinsurance business.

What it does#

• Intact/Guarantee amalgamation:

  • The two insurers plan a joint application for letters patent to combine into one company called Intact Insurance Company (English) / Intact Compagnie d’assurance (French).
  • The merged company’s head office would be in Toronto, Ontario.
  • The stated effective date for the proposed amalgamation is April 1, 2021, or another date set in the letters patent.
  • This is being done under the Insurance Companies Act (Canada).

• Nanopay’s bank application:

  • nanopay Holdings Inc. intends to apply for letters patent to incorporate a bank under the Bank Act (Canada).
  • The proposed bank would operate as “Payments Bank™” / “Banque Paiements” with a head office in Toronto.
  • Planned services: payment processing, clearing and settlement for fintechs, large billers, payroll, tuition, rent payments and insurance companies; domestic and cross‑border payments via APIs and white‑label web interfaces.
  • The proposed bank says it will not do lending or provide investment advice.
  • Anyone who objects may send written objections to the Office of the Superintendent of Financial Institutions by September 15, 2020.
  • The notice warns that publication does not mean the bank will be approved.

• Pacific Life Re branch:

  • Pacific Life Re International Limited (incorporated in Bermuda) intends to apply to the Office of the Superintendent of Financial Institutions for permission to insure risks in Canada under the Insurance Companies Act (Canada).
  • The company plans to carry on life reinsurance and accident and sickness reinsurance in Canada.
  • Its world head office is in Hamilton, Bermuda, and its Canadian chief agency would be in Toronto.
  • The application is to be filed on or after September 10, 2020.

Who's affected#

• Customers and policyholders of Intact Insurance Company and The Guarantee Company of North America could see administrative, branding, or service changes if the amalgamation goes ahead.
• Fintech companies, large billers, payroll providers, insurers and other organizations that handle mass payments may be interested in the new Payments Bank™ / Banque Paiements offerings.
• Competing banks, payment service providers, and developers who use payment APIs could be affected by a new entrant focused on payments.
• Canadian life insurers (and indirectly their policyholders) that use reinsurance may be affected by the entry of Pacific Life Re International Limited into the Canadian reinsurance market.
• The Office of the Superintendent of Financial Institutions and the Minister of Finance are the regulators who will decide whether these applications proceed.

Why it matters#

• Insurance consolidation can change who manages policies, where claims are handled, or how customer service is delivered. Policyholders should watch for communications about any change in insurer identity or contact details.
• A bank created just for payments could broaden options for businesses and developers who need fast, integrated payment rails and APIs. That could speed up or change how payroll, billing, and other recurring payments are done.
• A new life reinsurance branch can increase capacity in the Canadian reinsurance market, which affects how primary insurers price and manage risk — with potential downstream effects on insurance costs or product availability.
• These notices are start points: approvals are required before any of the changes take legal effect. The nanopay notice includes a formal objection deadline of September 15, 2020 for anyone who wants to raise concerns.