Definity Insurance Company formed by merger

Summary#

On December 16, 2023, the Office of the Superintendent of Financial Institutions published a notice that four insurers will be merged into one company named Definity Insurance Company, effective January 1, 2024. The notice also authorizes the new Definity Insurance Company to begin carrying on business and to underwrite several types of insurance as of January 1, 2024. The same Gazette issue also lists open appointment opportunities from the Privy Council Office, with application windows open for at least two weeks.

What it does#

• Creates a single company by merging Definity Insurance Company, The Missisquoi Insurance Company, Perth Insurance Company, and Waterloo Insurance Company into one legal entity called Definity Insurance Company, effective January 1, 2024.
• Gives an order allowing the merged Definity Insurance Company to commence business and to insure risks in these classes: accident and sickness, automobile, boiler and machinery, fidelity, legal expense, liability, property, and surety — effective January 1, 2024.
• Publishes an invitation from the Privy Council Office for applications to many Governor in Council positions across federal boards and agencies. The government emphasizes diversity, gender balance, Indigenous and minority representation, and a harassment-free workplace. Each listed opportunity is open for at least two weeks from its posting.

Who's affected#

• Customers and policyholders of the four merging insurers — people with existing policies may see administrative changes.
• Employees, brokers, agents, and business partners of the merging companies.
• People interested in federal public appointments. The Privy Council Office notice lists many positions (for example, roles connected to the Bank of Canada and the Canada Mortgage and Housing Corporation) and invites applications from Canadians across the country.
• Regulators and competitors in the Canadian insurance market may notice a changed corporate structure for a national insurer.

Why it matters#

• For policyholders: their insurer will legally be a different single company after January 1, 2024, which can affect where you send premiums, make claims, or get customer service. The notice does not give operational details, so customers should expect their insurer to communicate any specific changes.
• For employees and partners: a merger can mean changes in administration, reporting lines, or branding.
• For the public and applicants: the Privy Council Office listing is a chance for Canadians to apply for federal leadership roles. The emphasis on diversity and minimum application windows affects who can apply and how long they have to prepare an application.