Validus, Westport asset releases; Intact amalgamation

Summary#

This Canada Gazette entry publishes three miscellaneous notices about Canadian insurance companies. Two insurers say they will ask the federal regulator to release assets they hold in Canada, and three companies say they plan to apply to combine into a single insurer.

What it does#

• Validus Reinsurance, Ltd. intends to apply to the Office of the Superintendent of Financial Institutions (Canada) on or after October 7, 2024 for an order to release the assets it keeps in Canada under the Insurance Companies Act (Canada). Policyholders or creditors who oppose this are invited to file an opposition by mail or email on or before October 7, 2024 (contact details given in the notice).
• Westport Insurance Corporation intends to apply to the Office of the Superintendent of Financial Institutions (Canada) on or after September 30, 2024 for a similar order to release its Canadian assets under the Insurance Companies Act (Canada). Oppositions may be filed by mail or email on or before September 30, 2024.
• Western Assurance Company, Intact Insurance Company and 13130126 Canada Inc. (the “Applicants”) plan to apply to the Minister of Finance on or after September 9, 2024 for letters patent of amalgamation under the Insurance Companies Act (Canada). If approved, the three companies would continue as one company named Intact Insurance Company (English) / Intact Compagnie d’assurance (French), with its head office in Toronto. The proposed effective date is January 1, 2025, or another date fixed by the letters patent. An independent actuary’s report will be available to policyholders on request. The notice also says publication does not guarantee the amalgamation will be approved.

Who's affected#

• Policyholders and creditors of Validus Reinsurance, Ltd. who have questions or who want to oppose the proposed asset release.
• Policyholders and creditors of Westport Insurance Corporation who want to oppose that company’s planned asset release.
• Policyholders, shareholders and other stakeholders of Western Assurance Company, Intact Insurance Company and 13130126 Canada Inc. who may be affected by the proposed amalgamation.
• It is unclear from the notice whether employees, brokers, or third‑party claimants will be directly affected; those groups may want to check with the companies or with OSFI if concerned.

Why it matters#

• A court or regulator order to “release” assets could change where and how an insurer’s Canadian assets are held. That can affect how claims are paid or how creditors are treated, so policyholders and creditors may want to review their situation and, if they object, file an opposition by the stated dates (September 30, 2024 for Westport; October 7, 2024 for Validus).
• An amalgamation would combine three companies into one legal insurer. That can change who legally underwrites a policy, where corporate decisions are made, and who holds responsibility for existing policies — details that matter to policyholders and counterparties.
• The notices give specific deadlines and contact points for objections and requests for the actuary’s report. If you think you might be affected, the notice provides the regulator and the companies’ contact information to follow up.