Definity Insurance Company created by amalgamation

Summary#

This notice announces that Definity Insurance Company will be created by combining The Missisquoi Insurance Company, Perth Insurance Company, and Waterloo Insurance Company, effective January 1, 2024. It also says the new company is authorized to begin business and to underwrite several common types of insurance. The notice was issued by Peter Routledge of the Insurance Companies Act administration on December 16, 2023.

What it does#

• Amalgamates these companies into one named Definity Insurance Company (French name: Compagnie d’assurance Definity), effective January 1, 2024.
• Gives the newly amalgamated Definity Insurance Company permission to start operating and to insure risks in these classes:
  • accident and sickness insurance
  • automobile insurance
  • boiler and machinery insurance
  • fidelity insurance
  • legal expense insurance
  • liability insurance
  • property insurance
  • surety insurance

Who's affected#

• Policyholders of Definity Insurance Company, The Missisquoi Insurance Company, Perth Insurance Company, and Waterloo Insurance Company — their policies will now sit with the single, amalgamated company.
• Insurance brokers and agents who sell or service products from these companies.
• Employees and management of the merging companies.
• The regulator, Office of the Superintendent of Financial Institutions, and others who handle oversight, licensing, and claims.
• Other insurers and market participants who track industry structure and competition.

Why it matters#

• For customers, the change mainly affects who manages your policy and claims — the companies are being combined so records and service will move to the single Definity entity as of January 1, 2024.
• For the market, the move can simplify operations for the businesses involved and may change how they present products, negotiate with brokers, or compete.
• The authorization to underwrite many common classes of insurance means the new company can offer a wide range of coverages without delay after the effective date.