Insurance Amalgamations and Trust Capital Change

Summary#

This Canada Gazette page lists three corporate notices from the financial sector: planned amalgamations for two groups of insurance companies, and a proposed reduction of stated capital for a trust company. Each move is an announcement of an intended application to federal regulators; none are final until approved.

What it does#

• BMO Life Insurance Company and BMO Life Assurance Company say they will apply to the federal government (under the Insurance Companies Act (Canada)) to merge into a single company named BMO Life Assurance Company (French: BMO Société d’assurance-vie). They intend to apply on or after July 28, 2025, and the proposed effective date is November 1, 2025 (or another date set by the letters patent).
• Fiduciary Trust Company of Canada says it will apply to the Superintendent of Financial Institutions (Canada) to reduce the stated capital of its common shares under the Trust and Loan Companies Act (Canada). The company’s sole shareholder approved a special resolution on June 13, 2025 to allow a reduction of up to $22.0 million, which would be distributed to that shareholder.
• Royal & Sun Alliance Insurance Company of Canada, Intact Insurance Company, and 13130100 Canada Inc. say they will apply (under the Insurance Companies Act (Canada)) to amalgamate into one company named Intact Insurance Company (French: Intact Compagnie d’assurance). They intend to apply on or after July 14, 2025, with a proposed effective date of January 1, 2026 (or another date set by the letters patent). An independent actuary’s report will be available to policyholders on request.

Who's affected#

• Policyholders and customers of the named insurance companies may see administrative changes (names on statements or policies) if amalgamations go ahead.
• Shareholders and the sole shareholder of Fiduciary Trust Company of Canada are directly affected by the planned $22.0 million reduction of stated capital.
• Employees, corporate creditors, and business partners of the companies involved could be affected by the new corporate structure.
• Federal regulators — notably the Superintendent of Financial Institutions (Canada) and the Minister of Finance — will review and decide whether to approve these applications.

Why it matters#

• Amalgamations simplify corporate structures. That can lower costs and change which legal entity holds policies or assets. For customers, most day-to-day services often stay the same, but paperwork, contact names, or the company name on documents can change.
• The proposed capital reduction means cash (up to $22.0 million) would move from the company to its sole shareholder. That can affect the company’s capital position, which matters to regulators, creditors and potentially clients.
• None of these actions are final. They are planned applications and still need regulatory approval. Policyholders can request the independent actuary report mentioned for the Intact/Royal & Sun Alliance proposal to see how the merger may affect their policies.