Planned amalgamations, sale, and capital reduction

Summary#

This Canada Gazette notice lists four separate financial-company moves that are planned but not yet approved. They include proposed amalgamations for BMO Life Insurance Company and BMO Life Assurance Company, and for Royal & Sun Alliance Insurance Company of Canada with Intact Insurance Company; a planned reduction of stated capital by Fiduciary Trust Company of Canada; and a planned sale of most assets by Motus Bank to Coast Capital Savings Federal Credit Union alongside a proposed change of corporate status for Motus Bank. All items say approvals are still required from federal regulators.

What it does#

• BMO Life Insurance Company and BMO Life Assurance Company intend to apply for letters patent to merge into one company named BMO Life Assurance Company / BMO Société d’assurance‑vie. They plan to apply on or after July 28, 2025 and say the proposed effective date is November 1, 2025 (or another date fixed by the letters patent). This is under the Insurance Companies Act (Canada).
• Fiduciary Trust Company of Canada plans to apply for approval to reduce the stated capital of its common shares by up to $22.0 million, following a special resolution passed by its sole shareholder on June 13, 2025. This is under the Trust and Loan Companies Act (Canada).
• Motus Bank plans to apply, on or after July 28, 2025, for approval to sell substantially all of its assets to Coast Capital Savings Federal Credit Union (agreement dated March 21, 2025). It also plans to apply to continue as a corporation under the Canada Business Corporations Act (a certificate of continuance) around the same time. This is under the Bank Act (Canada).
• Royal & Sun Alliance Insurance Company of Canada, Intact Insurance Company, and 13130100 Canada Inc. intend to apply for letters patent to amalgamate and continue as Intact Insurance Company / Intact Compagnie d’assurance. They plan to apply on or after July 14, 2025, with a proposed effective date of January 1, 2026. Policyholders can ask for a copy of the independent actuary’s report from the companies.

Note: Each notice states that publication is not proof approvals will be granted. Final decisions depend on federal review.

Who's affected#

• Policyholders of BMO Life Insurance Company, Royal & Sun Alliance Insurance Company of Canada, and Intact Insurance Company — possible changes to the legal structure of the insurer that underwrites their policies.
• Customers and account holders of Motus Bank and potentially customers of Coast Capital Savings Federal Credit Union, since most assets of Motus are proposed to be sold.
• The sole shareholder of Fiduciary Trust Company of Canada, because the planned reduction of stated capital would return up to $22.0 million to that shareholder.
• Employees, suppliers, and other stakeholders of the named companies may notice organizational changes if approvals are granted.
• If it’s unclear who will be affected in a specific way (for example future customer-service arrangements), the notices say approvals are still pending.

Why it matters#

• Mergers and amalgamations can simplify corporate structures and change which legal entity is responsible for policies or contracts. That can affect where policy records, claims handling, or customer service are managed.
• A reduction of stated capital by $22.0 million at Fiduciary Trust Company of Canada means money would be returned to its sole shareholder. That may affect the firm’s capital position, though the notice does not say how this will affect clients or operations.
• The proposed sale of most of Motus Bank’s assets to Coast Capital could lead to customers having their accounts moved to a different institution. Customers might later see changes in fees, products, or where they deal with their accounts — but the notices do not spell out those operational details.
• All items are proposals or applications that require regulator approval. That means the plans could be changed, delayed, or refused.