Four Insurers to Merge as Definity

Summary#

On June 3, 2023, Definity Insurance Company, Perth Insurance Company, The Missisquoi Insurance Company and Waterloo Insurance Company gave public notice that they plan to apply to merge into a single company. They say the new company would be called Definity Insurance Company (French: Compagnie d’assurance Definity), with a head office in Waterloo, Ontario, and a proposed effective date of January 1, 2024. The application is to be made on or after June 26, 2023 under the Insurance Companies Act.

What it does#

• The four insurers intend to file for a single corporate successor by seeking letters patent of amalgamation to combine into one company named Definity Insurance Company / Compagnie d’assurance Definity.
• The amalgamated company's head office would be in Waterloo, Ontario.
• The applicants propose an effective date of January 1, 2024, or another date set in the letters patent.
• The notice itself does not guarantee the merger. The outcome depends on the normal review and the Minister of Finance’s decision under the Insurance Companies Act.

Who's affected#

• Customers and policyholders of Definity Insurance Company, Perth Insurance Company, The Missisquoi Insurance Company and Waterloo Insurance Company.
• Employees of those companies and people who sell or broker their insurance products.
• Regulators and anyone tracking consolidation in the insurance sector.
• The notice does not detail operational changes, so it’s unclear exactly what individual customers or claimants would experience right away.

Why it matters#

• A merger can change who manages policies, billing and claims, and can lead to rebranding or shifts in local operations.
• For customers, that can mean different customer-service contacts, policy paperwork, or company names on documents — though this notice does not say which of those will happen.
• For employees and local communities, consolidation can affect jobs and business arrangements.
• Because the merger needs regulatory approval, the plan may still change or be denied.