Insurance company incorporation and asset release notices

Summary#

This Canada Gazette entry lists several insurance-industry notices about corporate moves and regulator applications. It announces that Property and Casualty Insurance Compensation Corporation (PACICC) plans to incorporate a standby insurer, that Validus Reinsurance, Ltd. and Westport Insurance Corporation plan to apply to release assets held in Canada, and that Western Assurance Company, Intact Insurance Company and 13130126 Canada Inc. plan to amalgamate (proposed effective January 1, 2025).

What it does#

• Property and Casualty Insurance Compensation Corporation (PACICC) intends to apply to the Minister of Finance for letters patent to create a new property and casualty insurer called PACICC‑SIMA General Insurance Company / Compagnie d’Assurance Générale PACICC‑SIMA, with a head office in Toronto. The notice says the new company would not operate unless needed in special circumstances. Objections to the incorporation can be sent to the Office of the Superintendent of Financial Institutions (OSFI) by October 22, 2024.

• Validus Reinsurance, Ltd. plans to ask the Superintendent of Financial Institutions (Canada) on or after October 7, 2024 for permission to release the assets it keeps in Canada under the Insurance Companies Act (Canada). Policyholders or creditors who oppose that release were invited to file objections by October 7, 2024.

• Western Assurance Company, Intact Insurance Company and 13130126 Canada Inc. intend to apply (on or after September 9, 2024) for letters patent to merge into a single company named Intact Insurance Company (English) / Intact Compagnie d’assurance (French). The proposed head office is Toronto. A report from an independent actuary will be available to policyholders on request. The proposed effective date is January 1, 2025 (or another date set by the letters patent).

• Westport Insurance Corporation plans to apply to the Superintendent of Financial Institutions (Canada) on or after September 30, 2024 for permission to release its assets held in Canada under the Insurance Companies Act (Canada). Oppositions were invited by September 30, 2024.

Who's affected#

• Policyholders and creditors of Validus Reinsurance, Ltd. and Westport Insurance Corporation — they may want to check whether the planned asset releases affect claims or protections.
• Policyholders of Western Assurance Company and Intact Insurance Company — they may want the independent actuary’s report and to note the proposed January 1, 2025 merger date.
• People tracking insurer solvency and regulation, including the Office of the Superintendent of Financial Institutions (OSFI) and the Minister of Finance.
• PACICC members or stakeholders who might rely on a standby insurer in special circumstances.
• If it’s unclear who else will be affected, the notices invite objections or requests for information to the regulator.

Why it matters#

• Incorporating PACICC‑SIMA could create a ready-to-use insurer that might be activated in emergency or special situations. That can affect how claims are handled if such situations arise.
• Requests to release assets from Validus and Westport could move funds out of Canada. Policyholders and creditors may lose some protections or have to act quickly if they object.
• The planned amalgamation into Intact Insurance Company may change the corporate structure that writes and manages insurance policies, with practical effects for customers, service arrangements, and who to contact about policies.
• There are firm objection or application dates listed in the notices (for example October 7, 2024, September 30, 2024, and October 22, 2024). Those deadlines matter for anyone who wants to raise concerns or get more information.
• None of these notices means the changes are final. Each action depends on regulator review and approvals under the Insurance Companies Act (Canada).