Intact and Western merger; Westport asset release

Summary#

This notice contains two separate items about insurance companies. One says Western Assurance Company, Intact Insurance Company and 13130126 Canada Inc. plan to apply to merge into a single company called Intact Insurance Company (English) / Intact Compagnie d’assurance (French). The other says Westport Insurance Corporation plans to ask the federal regulator for permission to release the assets it keeps in Canada and gives a deadline for anyone who wants to oppose that move.

What it does#

• Amalgamation (merger) notice:

  • The three companies intend to apply for letters patent to combine into one company named Intact Insurance Company (English) / Intact Compagnie d’assurance (French).
  • The combined company’s head office would be in Toronto, Ontario.
  • An independent actuary’s report about the merger will be available for inspection by policyholders and can be requested in writing from the Corporate Secretary at 700 University Avenue, Suite 1500‑A, Toronto, Ontario M5G 0A1.
  • The proposed effective date for the merger is January 1, 2025, or another date set in the letters patent.
  • This plan is subject to review and approval under the Insurance Companies Act (Canada) and approval by the Superintendent and the Minister of Finance. Publication of the notice does not guarantee the merger will be approved.

• Release of assets notice:

  • Westport Insurance Corporation intends to ask the Superintendent of Financial Institutions (Canada) for an order allowing Westport to release the assets it holds in Canada under the Insurance Companies Act (Canada).
  • Policyholders or creditors who oppose that release are invited to file an opposition by mail or by email by September 30, 2024. Mail: Regulatory Affairs Directorate, 255 Albert Street, Ottawa, Ontario K1A 0H2. Email: approvals-approbations@osfi-bsif.gc.ca.

Who's affected#

• Policyholders and creditors of Western Assurance Company and Intact Insurance Company may want to know about the planned merger and can request the actuary’s report.
• Policyholders and creditors of Westport Insurance Corporation are directly invited to oppose the asset release if they wish.
• It is unclear from the notice whether employees, agents, or the terms of existing insurance contracts will change. The notice only announces the applications and next steps.

Why it matters#

• A merger could change which legal entity manages and services existing insurance policies. Policyholders often watch mergers for changes in claims handling, customer service, or contact information. The actuary’s report could provide financial details relevant to policyholders.
• If the regulator allows Westport Insurance Corporation to release its Canadian assets, that could affect how local claims and obligations are handled. Anyone worried about their coverage or claims should consider reviewing the notices and, for Westport, file an opposition by September 30, 2024 if they want to object.