Three Ontario mutual insurance firms approved for amalgamation

Three Ontario mutual insurance companies have officially amalgamated, creating The Commonwell Mutual Insurance Group, which will begin operation Jan. 1.

Farmers’ Mutual Insurance Company (Lindsay), Glengarry Mutual Insurance Company and Lanark Mutual Insurance Company received regulatory approval to amalgamate from the Financial Services Commission of Ontario on Oct. 25.

The approval was based on policyholder votes held in September, through which 95% of attendees voted in favour of amalgamation, according to the Commonwell website.

The Commonwell corporate office will be based in Lindsay, Ont., at what is currently the offices for Farmers’ Mutual. It will also retain regional offices in Alexandria, Ont. and Perth, Ont., the current locations of Glengarry Mutual and Lanark Mutual respectively.

“Steps are underway to align all of the products and pricing of the three companies,” its website noted. “This effort also extends to minimizing premium changes.”