 | |
| 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.
- ^ An Act Incorporating the Ontario Mutual Life Assurance Company. SO 1868 (Victoria 32), cap. 17.
- ^ John Partridge, "Mutual Life plan to go public approved 97% of policy holders who bothered to cast ballots vote in favour of life insurer's proposal," Globe and Mail, (11 June 1999), B3.
- ^ John Partridge, "Mutual Life IPO to contain just under 42.2 million shares," Globe and Mail, (14 July 1999), B5.
- ^ Ron DeRuyter, "Clarica takeover will cost jobs," Waterloo Region Record, (18 December 2001), A1.
- ^ Tara Perkins, "Clarica insurance holds final meeting," Waterloo Region Record, (20 June 2002), E1.