Two insurance companies mergeBy Aurélia Morvan | January 10 2020 02:35PM
On January 1, 2020, Wawanesa Life and Western Life merged into one life insurance company. This grouping “forms a stronger and more streamlined organization,” says Louise Mitchell, president of Wawanesa Life, as the company was dubbed following the amalgamation.
The new company is a subsidiary of P&C insurer Wawanesa Mutual. “As one of the few Canadian property and casualty insurers with a life insurance company, we are strategically positioned for future growth in a rapidly changing marketplace, Mitchell adds.
Merger requested last summer
Requested in summer 2019, the merger was approved by federal Finance Minister Bill Morneau in November. Wawanesa had acquired Western Life from Desjardins Financial Security in February 2017, and the transaction was finalized in July 2017.
“There is no action required by policyholders or group plan members as part of the amalgamation,” Wawanesa says.