Norfolk Mutual Insurance Company and Wabisa Mutual Insurance Company held separate Special General Meetings on July 10th on the proposed amalgamation of both companies to take effect January 1, 2019.
We are excited to announce that the members of each company have voted in favour of the amalgamation under the new name “Nova Mutual”.
The amalgamation still requires the final approval of the Superintendent of Financial Services.
Upon approval, Nova Mutual Insurance Company will become a larger Regional Mutual insurer with gross written premiums in excess of $21 Million and a surplus of $23 Million.
Wabisa Mutual and Norfolk Mutual share common ambitions and goals and will continue to provide outstanding service to our policyholders.
Long term success as an insurance company can only come from a willingness to change, curating a strong team, and providing sustainable rates for policyholders. This coming together has allowed for a broader distribution of insurance products and a more sustainable pricing for mutual policyholders through the geographical spread of risk.
Ross Gowan, Chair of the Norfolk Mutual Board said, “This amalgamation will allow us to expand our service and products as a regional mutual insurer while keeping to our values of community-mindedness and mutuality.”
Barbara Bethune, Chair of the Wabisa Mutual Board said, “Both companies come from a position of strength. The combined result will be greater than the sum of the two parts.”
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