Formerly | Ontario Mutual Life Assurance Company (1868–1900) |
---|---|
Company type | Mutual (1868–1999) Public (1999–2002) |
Industry | Insurance |
Founded | 19 December 1868 |
Defunct | 31 December 2002 |
Fate | Acquired by Sun Life |
Headquarters | 227 King Street South, |
The Mutual Life Assurance Company of Canada was a Canadian insurance company that existed from 1868 to 2002. The company's articles of incorporation received royal assent in the Parliament of Ontario on 19 December 1868 as the Ontario Mutual Life Assurance Company. [1] In 1900, it changed its name to the Mutual Life Assurance Company of Canada.
At the end of the 20th century, Mutual Life was Canada's fourth largest insurance company. On 10 June 1999, shareholders voted to demutualise the company and to change its name to the Clarica Life Insurance Company. [2] Clarica determined a valuation of CAD 865 million, and on 15 July 1999 made its initial public offering of 42.2 million shares valued at CAD 20.50 per. [3] In December 2001, Sun Life made a CAD 7.1 billion offer to acquire Clarica. [4] Shareholders voted in favour of the takeover on 6 March 2002, and the deal was completed on 29 May. [5] Upon the purchase, Sun Life overtook Manulife to become Canada's largest insurance company. After the sale, Clarica was merged into the Sun Life Assurance Company of Canada, and the corporation was dissolved at the end of 2002. That year, Sun transferred the headquarters of its Canadian operations from Toronto to Waterloo, where they remain today.
Friends' Provident Insurance was a banking institution founded in 1832 to serve the needs of the Society of Friends (Quakers). Based in Bradford, Yorkshire, it concentrated on sickness and annuity policies until its life fund acquired Century Insurance in 1918, expanding into general insurance. The restriction to Quaker membership was an increasing constraint but the ties were substantially reduced by the Friends' Provident Institution Act 1915. Although Century's branch network enabled FPI to expand, the periodic underwriting losses strained the life fund's capital base and Century was sold in 1975. In the year 2000, Friends Provident demutualised and listed on the FT100 Index. After abortive takeover negotiations, Friends accepted a takeover bid from Resolution Limited in 2009.
Sun Life Financial Inc. is a Canadian financial services company. It is primarily known as a life insurance company.
Axa S.A. is a French multinational insurance company headquartered in the 8th arrondissement of Paris. It also provides investment management and other financial services as part of its subsidiaries. As of 2023, it is the largest financial services company by revenue in France, and the 4th largest French company.
Unum Group is an American insurance company headquartered in Chattanooga, Tennessee. Founded as Union Mutual in 1848 and known as UnumProvident from 1999-2007. The company is part of the Fortune 500. Unum Group was created by the 1999 merger of Unum Corporation and The Provident Companies and comprises four distinct businesses – Unum US, Unum UK, Unum Poland and Colonial Life. Its underwriting insurers include The Paul Revere Life Insurance Company and Provident Life and Accident Insurance Company.
Manulife Financial Corporation is a Canadian multinational insurance company and financial services provider headquartered in Toronto, Ontario. The company operates in Canada and Asia as "Manulife" and in the United States primarily through its John Hancock Financial division. As of December 2021, the company employed approximately 38,000 people and had 119,000 agents under contract, and has CA$1.4 trillion in assets under management and administration. Manulife at one point serviced over 26 million customers worldwide.
A mutual insurance company is an insurance company owned entirely by its policyholders. It is a form of consumers' co-operative. Any profits earned by a mutual insurance company are either retained within the company or rebated to policyholders in the form of dividend distributions or reduced future premiums. In contrast, a stock insurance company is owned by investors who have purchased company stock; any profits generated by a stock insurance company are distributed to the investors without necessarily benefiting the policyholders.
The Maritime Life Assurance Company was a Canadian insurance company based in Halifax, Nova Scotia, Canada. It was founded in 1922 and in 2004 it became fully integrated with Manulife Financial, with the Maritime Life brand being retired. In 2004 it had 2700 employees.
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