Canadian Life Insurance company mergers and changes of ownership

Mergers and Acquisitions of Canadian Life Insurance Companies

 
If you have a policy and know the Canadian insurance company but can’t find it, the following sample list of Canadian insurance company mergers and changes of ownership may be of help. If you know of a merger that is not listed below, please let us know.
 

• Abbey Life was bought by ITT Hartford Life Insurance Company of Canada, which was later bought by AIG Life Life Insurance Company of Canada.
• Aetna Life bought Financial Life and Excelsior Life and then Maritime Life bought Aetna Life. Maritime Life later became Manulife.
• Aeterna Life was taken over by Desjardens Group.
• Canada Life was bought by Great West Life in 2003 but continues to operate as Canada Life.
• Crown Life was bought by Canada Life.
• CNA Life was bought by Canada Life.
• Colonia Life changed its name to Concordia Life and then Empire Life purchased Concordia Life and is currently in the process of integrating all its products and systems.
• Confederation Life’s individual life insurance contracts and segregated funds were bought by Maritime Life which later became Manulife.
• Commercial Union Life was bought by Manulife Financial
• Counsel Life was bought by Security Life which was then bought by Co-operators Life.
• The Credit Life changed to Union Fidelity Life.
• Financial Life was bought by Aetna Life and then Maritime Life bought Aetna Life. Maritime Life later became Manulife.
• Sun Alliance was bought by Royal Life which changed its name to Royal & SunAlliance Life. Gerling Global Life later became part of Royal & SunAlliance Life which was again later purchased by Maritime Life. Maritime Life was later bought out by Manulife.
• Glacier National Life was bought by The Bank of Nova Scotia.
• Holland Life Insurance Society Ltd. was purchased by Commercial Union Life in 1973. In April 2001, Commercial Union’s individual life book of business was assumed by Manulife.
• Imperial Life was taken over by Desjardins Financial Security.
• Laurentian Life was absorbed by The Imperial Life Insurance Company of Canada which later became Desjardins Financial Security.
• Laurier Life became a division of Imperial Life which was then taken over by Desjardins Financial Security.
• Liberty Health was bought by Maritime Life in 2003. Maritime Life was later bought out by Manulife.
• London Life was bought by Great West Life but still operates as London Life and markets under the name of Freedom 55 Financial.
• Maritime Life was bought by Manulife Financial in 2004.
• Mony Life was bought by NN Life which then became Transamerica Life. Transamerica Life was bought out in 2015 by Ivari.
• Monarch Life was bought by North American Life which in turn was acquired by Manufacturers Life.
• Metropolitan Life of Canada was bought by Mutual Life which has since changed its name to Clarica. Metropolitan Life accumulated some brokerage life insurance sales which Mutual Life didn’t want so those clients were sold to Equitable Life. Some older, paid up industrial policies are still retained by the original Metropolitan Life.
• Mutual Life changed its name to Clarica.
• Mutual of Omaha was purchased by RBC Life.
• North American Life was bought by Manulife Financial.
• New York Life was absorbed by Canada Life.
• NN Life was bought by Transamerica Life. Transamerica Life was bought out in 2015 by Ivari.
• Norwich Union was bought by AIG Life Insurance Company of Canada.
• Paul Revere Life became Provident Life & Accident Insurance Company which later became Unum Provident Canada, which is now RBC Life.
• Prudential Life Insurance Company of England was bought by Mutual Life which has since changed its name to Clarica..
• Royal & SunAlliance was purchased by Maritime Life. Maritime Life was later bought out by Manulife.
• Seaboard Life was bought by North West Life which in turn was bought by Industrial Life. Industrial Life then changed its name to Industrial Alliance Pacific Life Insurance Company.
• Sovereign Life’s individual life insurance book of business was assumed by Standard Life after the Ontario Superintendent of Financial Services took over control of the company in 1992.
• Transamerica Life became IVARI in 2016.
• Unum Provident Canada was bought by RBC Life in 2004.
• Westbury Life and Canadian General Life joined and the combined company was renamed Westbury Canadian Life. Westbury Canadian Life was then bought out by the Royal Bank who continued the operation for a while as Westbury Life and then changed the name to RBC Life.
• The Federal Civil Service Mutual Benefit Society was taken over by Sun Life.
• Toronto Mutual Life changed its name to Unity Life. Unity Life was later bought out by Foresters Life.
• Transamerica Life was bought by Aegon but continued under the Transamerica Life name. In 2015 Transamerica Life was bought out by Ivari and officially changed its name in early 2016.
• U.N.A. Life was absorbed by Maritime Life which later was bought out by Manulife.
• Western Life changed its name to Unity Life. Unity Life has since sold the name Western Life which now operates as a separate entity.