Co-operators insurers to amalgamate

Summary#

This notice says that two pairs of insurance firms plan to apply for formal amalgamation under the Insurance Companies Act.

• Co-operators General Insurance Company and COSECO Insurance Company plan to combine, with the merged company to be called Co-operators General Insurance Company and its head office in Guelph, Ontario.
• Co-operators Life Insurance Company and CUMIS Life Insurance Company plan to combine, with the merged company to be called Co-operators Life Insurance Company and its head office in Regina, Saskatchewan.
  Both amalgamations are expected to take effect on December 31, 2021 (or another date fixed in the letters patent).

What it does#

• For the property/casualty companies:
  • Co-operators General Insurance Company and COSECO Insurance Company will seek letters patent of amalgamation.
  • The application to the Minister of Finance will be made on or after October 4, 2021.
  • The continuing company name will be Co-operators General Insurance Company. The head office would be in Guelph, Ontario.
• For the life insurance companies:
  • Co-operators Life Insurance Company and CUMIS Life Insurance Company will seek letters patent of amalgamation.
  • The application to the Minister of Finance will be made on or after September 16, 2021.
  • The continuing company name will be Co-operators Life Insurance Company. The head office would be in Regina, Saskatchewan.
  • A report from an independent actuary (and a summary) will be available for inspection by policyholders at the listed company addresses. Policyholders can request a copy by writing to the Corporate Secretary at the addresses below:
    • Co-operators Life Insurance Company — 1900 Albert Street, Regina, Saskatchewan S4P 4K8
    • CUMIS Life Insurance Company — 151 North Service Road, Burlington, Ontario L7R 4C2

Who's affected#

• Policyholders of Co-operators General Insurance Company, COSECO Insurance Company, Co-operators Life Insurance Company, and CUMIS Life Insurance Company — they may see administrative or contact changes and can request the actuary report if they hold life policies.
• Employees, agents, and business partners of those companies — they may notice corporate restructuring or operational changes.
• The general public and most consumers are unlikely to be affected unless they hold policies with these firms.

Why it matters#

• Amalgamations combine two companies into one. That can simplify operations and change where decisions are made (the head office).
• For policyholders, the key practical points are who manages their policy, where to get information, and whether any terms change — the notice lets policyholders seek the independent actuary’s report to learn about financial or policy impacts.
• This is a notification of intended action, not a completed legal change; the formal step is the application for letters patent to the Minister of Finance.