Wawanesa Life and Western Life receive formal approval to amalgamate
Winnipeg, MB, November 7, 2019 — The Wawanesa Life Insurance Company (“Wawanesa Life”) and Western Life Assurance Company (“Western Life”) have received formal approval from the federal government’s Minister of Finance to amalgamate and continue Wawanesa Life and Western Life as one company.
Effective January 1, 2020, Western Life and Wawanesa Life will become one company under the Wawanesa Life brand, a wholly-owned subsidiary of The Wawanesa Mutual Insurance Company (“Wawanesa Mutual”), the largest property and casualty mutual insurance company in Canada.
“Bringing our two companies together under Wawanesa Life forms a stronger and more streamlined organization where our focus will remain on providing exceptional service and products to our valued customers and partners,” said Louise Mitchell, President of Wawanesa Life. “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.”
Western Life became a wholly-owned subsidiary of Wawanesa Life on July 1, 2017. Since then, work has progressed to integrate the two life insurance companies which are currently co-located in Winnipeg, where the executive office will remain. All regional offices will remain focused on sales and support, working closely with distribution partners to ensure Wawanesa Life continues to meet the needs of its customers.
For existing Western Life and Wawanesa Life individual policyholders and group insurance plan members, current policies and coverage will remain in force. There is no action required by policyholders or group plan members as part of the amalgamation. All obligations related to in-force Western Life and Wawanesa Life policies will automatically become obligations of the amalgamated Life company. In the coming weeks, Western Life policyholders will receive additional information, and further details about the amalgamation can be found on Wawanesa Life’s website at wawanesalife.com.
The Wawanesa Mutual Insurance Company, the parent organization of the amalgamated Life company and Wawanesa Life itself, both continue to be rated by A.M. Best with a financial strength rating of A (Excellent).
The Wawanesa Mutual Insurance Company, founded in 1896, is the largest Canadian Property and Casualty Mutual insurer with $3 billion in annual revenue and assets of more than $9 billion. Wawanesa Mutual, with executive offices in Winnipeg, is the parent company of Wawanesa General, which offers property and casualty insurance in California and Oregon; Wawanesa Life, which provides life insurance products and services throughout Canada; and Western Financial Group, which distributes personal and business insurance across Western Canada. With over 5,000 employees, Wawanesa proudly serves over two million policyholders in Canada and the United States. Wawanesa actively gives back to organizations that strengthen communities where it operates, donating well above internationally recognized benchmarks for excellence in corporate philanthropy. Learn more at https://www.wawanesa.com/canada/
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Senior Communications Specialist
The Wawanesa Mutual Insurance Company