Canadian Transit meeting; Virginia Surety asset release

Summary#

• The Canadian Transit Company announced its annual shareholders’ meeting to take place at the offices of The Detroit International Bridge Company on May 3, 2021.
• Virginia Surety Company, Inc. said it will apply to the Office of the Superintendent of Financial Institutions (Canada) for an order to release the assets it holds in Canada on or after May 1, 2021, and invited any opposing policyholders or creditors to file objections by May 1, 2021.

What it does#

• Announces a company meeting:
  • Tells shareholders of The Canadian Transit Company when and where the annual meeting will be held (3 p.m., May 3, 2021, at the offices of The Detroit International Bridge Company in Warren, Michigan).
• Starts a regulatory step about an insurer’s Canadian assets:
  • Notifies that Virginia Surety Company, Inc. intends to ask the Insurance Companies Act (Canada) regulator (the Office of the Superintendent of Financial Institutions (Canada)) for permission to release the assets it maintains in Canada on or after May 1, 2021.
  • Invites any policyholder or creditor of Virginia Surety Company, Inc. with objections to send them by mail or email to the regulator by May 1, 2021.

Who's affected#

• Shareholders of The Canadian Transit Company — they may want to attend or follow the meeting outcomes.
• Policyholders and creditors of Virginia Surety Company, Inc. in Canada — they are explicitly invited to object if they oppose the release of the company’s Canadian assets.
• If it’s unclear who else might be affected, the notices do not name other groups.

Why it matters#

• Annual meeting: shareholders get to elect directors and discuss company business, which affects how the company is run.
• Asset release: if the regulator allows Virginia Surety Company, Inc. to release its Canadian assets, that could change how Canadian policyholders and creditors can make claims or recover money. The notice gives affected people a deadline (May 1, 2021) to raise objections with the regulator.