Intact and Ascentus to Amalgamate

Summary#

Intact Insurance Company and Ascentus Insurance Ltd. say they will apply for letters patent to merge into a single insurer under the Insurance Companies Act. The companies expect to file the application on or after July 4, 2022, and say the merger would take effect on January 1, 2023 if approved. This notice was published in the Canada Gazette on July 2, 2022.

What it does#

• The two insurers will make a joint application to the Minister of Finance for letters patent of amalgamation under the Insurance Companies Act.
• If approved, the two companies would continue as one company with the English name Intact Insurance Company and the French name Intact Compagnie d’assurance.
• The planned head office for the merged company is in Toronto, Ontario.
• The stated effective date for the proposed amalgamation is January 1, 2023, or another date set in the letters patent.
• The notice warns that publication does not mean the merger is approved; the Minister’s decision and the formal review process still apply.

Who's affected#

• Customers and policyholders of Intact Insurance Company and Ascentus Insurance Ltd. may be affected.
• Employees, insurance brokers, and claimants who deal with either company could notice changes.
• The Minister of Finance and any federal reviewers who handle insurance-company approvals are involved.
• The notice does not say what will change for individual policies, so it is unclear exactly how customers or partners will be affected.

Why it matters#

• A legal amalgamation would make the two insurers a single company, which can change who issues and manages insurance policies and claims.
• Policyholders might eventually see changes in paperwork, billing, customer service contacts, or where decisions are made — but the notice does not describe any operational changes.
• Because approval is required from the Minister and regulators, the public should view this as a planned step, not a completed merger.