Co-operators and CUMIS to Amalgamate

Summary#

This notice says that Co-operators Life Insurance Company and CUMIS Life Insurance Company plan to apply for letters patent to merge into one company under the Insurance Companies Act (Canada). The merged firm would keep the name Co-operators Life Insurance Company (French: Co-operators Compagnie d'Assurance-Vie), have its head office in Regina, Saskatchewan, and the proposed effective date is December 31, 2021.

What it does#

• The two firms, Co-operators Life Insurance Company and CUMIS Life Insurance Company, intend to make a joint application to the Minister of Finance on or after September 16, 2021 for letters patent of amalgamation.
• If approved, the companies would continue as a single company named Co-operators Life Insurance Company (French: Co-operators Compagnie d'Assurance-Vie).
• The head office of the new, combined company would be in Regina, Saskatchewan.
• The proposed effective date of the amalgamation is December 31, 2021, or another date the letters patent may specify.
• A report from an independent actuary (and a summary) will be made available for inspection by policyholders during regular business hours at the companies’ addresses. Policyholders can also request a copy by writing to the Corporate Secretary at the listed addresses.

Who's affected#

• Policyholders of Co-operators Life Insurance Company and CUMIS Life Insurance Company — they are the group explicitly mentioned and can inspect or request the actuary’s report.
• It is not clear from this notice whether employees, business partners, or other third parties will see immediate changes. The notice does not describe operational or policy-level effects.

Why it matters#

• Policyholders may want to review the independent actuary’s report to understand any financial or policy impacts of the merger.
• The merger legally combines two insurers into one entity and fixes the company’s head office location. That can affect who administers policies and where corporate decisions are made.
• Key dates to note: the joint application may be made on or after September 16, 2021, and the proposed effective date is December 31, 2021. The notice is dated August 19, 2021.