Co-operators and CUMIS merger

Summary#

Co-operators Life Insurance Company and CUMIS Life Insurance Company say they intend to apply to the Minister of Finance for letters patent to merge the two insurers into one company. The notice (dated August 19, 2021 and published August 28, 2021) says the merger would take effect on December 31, 2021 (or another date set in the letters patent).

What it does#

• The two companies plan to combine into one company that will use the name Co-operators Life Insurance Company (English) and Co-operators Compagnie d'Assurance‑Vie (French).
• The merged company’s head office would be in Regina, Saskatchewan.
• The companies intend to make a joint application to the Minister of Finance on or after September 16, 2021 to get formal approval (letters patent) under the Insurance Companies Act.
• Policyholders can inspect the report and summary prepared by an independent actuary about the proposed merger during regular business hours at each company’s address, or request a copy in writing.

Who's affected#

• Policyholders of Co-operators Life Insurance Company and CUMIS Life Insurance Company are directly mentioned and can view or request the actuary’s report.
• Employees, agents, and business partners of the two companies may notice organizational or administrative changes, though the notice does not detail those impacts.
• Regulators (the Minister of Finance) are the decision-maker for the formal approval.

Why it matters#

• A merger can change who runs the business, where the company is based, and how its operations are organized. The notice gives policyholders a chance to see the independent actuary’s report that assesses the merger.
• Because the application is a planned step (not final), nothing is guaranteed until the Minister issues the letters patent. Policyholders who want details or have concerns can inspect or request the actuarial report at the cited company addresses.