March 2, 2015 by Canadian Underwriter
Two Western Ontario farmers’ mutual insurance companies – North Waterloo Farmers Mutual Insurance Company and Oxford Mutual Insurance Company – announced Monday they agreed to merge.
The merger – which is subject to approval both by regulators and by mutual policyholders – would create Heartland Farm Mutual Insurance Inc.
Oxford was founded in 1878 and is based in Thamesford, about halfway between London and Woodstock. NWFM – founded four years earlier – is based in Waterloo.
Related: Co-op, mutual sector to play a role in the consolidation of Canada’s p&c industry: Leroux
“Heartland can reduce the expense ratio through greater economies of scale,” NWFM and Oxford said in a joint press release Monday. “The company is expected to develop synergies and maintain the number of employees at current levels.”
Related: Policyholders vote unanimously to approve merger of Howick, Grey & Bruce Mutual
Oxford and NWFM had premium revenues of $11 million and $94 million respectively in 2014. Both firms write farm, commercial, home and auto insurance.
NWFM’s commercial offerings include retail, office, contractors, church and apartment building.
[Below – click to open digital edition: From Canadian Underwriter’s January 2015 issue Gallery, Page 71 – North Waterloo Farmers Mutual Insurance Company celebrates its 140th Anniversary with an open house at the company’s newly expanded headquarters on October 2, 2014]…
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