Confederation Life Insurance Company
TypePublic
IndustryInsurance
Founded(1871 (1871))
FounderJohn Kay MacDonald
Defunct1994 (1994)
FateIn liquidation
Headquarters
Toronto
,
Canada
Key people
John Kay MacDonald

Charles Strange MacDonald

John Kenneth MacDonald
OwnerMacDonald Family

Confederation Life Insurance Company, also known as Confederation Life, was a major Canadian insurance company and financial services provider. Its global head office was located in Toronto in what is now the Rogers Building. The company had operations in Canada, the United States, the United Kingdom, and Bermuda, and an inactive office in Cuba.

History

The company was founded in 1871 by John Kay Macdonald (1837–1928) in Toronto,[1] then established operations in the UK in 1906 (with a head office at Stevenage, Hertfordshire)[2] and later into the United States with offices in Atlanta.[3]

Macdonald retired in 1920 and was succeeded by Charles Strange Macdonald from 1921 to 1946[4] and then John Kenneth Macdonald from 1946 to 1969.[5] John Kenneth MacDonald's daughters, Peggy Latimer and Ann Macintosh, never were operationally involved in the firm, but they did inherit ownership from their father.

In 1969, J. Craig Davidson became president and for the first time, the firm was no longer led by a member of the Macdonald family.

Demise

Confederation Life was forced into liquidation in 1994. The process began on August 11 of that year. The international operations of the company made the liquidation process somewhat complex.

The company had financial obligations to 260,000 individual policyholders in Canada and another 1.5 million people were members of a group insurance plan through the company.

During the liquidation process, CompCorp, by then called Assuris, was able to guarantee the assets of all policyholders, and the process cost the compensation fund only CA$5 million.[6]

The various blocks of business held by the company were taken over by several different Canadian and American insurance companies. The liquidator was KPMG. As of 2010, the process was still ongoing.

It was the third liquidation of an insurance company in Canada in consecutive years, Les Coopérants (1992) and Sovereign Life (1993)[7] and was followed in 2012 by Union of Canada Life.[8]

See also

References

  1. ↑ "Biography – MACDONALD, JOHN KAY – Volume XV (1921-1930) – Dictionary of Canadian Biography".
  2. ↑ "Fred Carter's Personal Web Page - Confederation Life". Archived from the original on 2014-04-15. Retrieved 2013-09-12.
  3. ↑ http://www.actuaries.org/IACA/Colloquia/CapeTown/Vol_1/Rod_McQueen.pdf
  4. ↑ http://data2.archives.ca/pdf/pdf001/p000000682.pdf
  5. ↑ http://data2.archives.ca/pdf/pdf001/p000000682.pdf
  6. ↑ "Assuris - Past Insolvencies". Archived from the original on 2019-12-02. Retrieved 2022-02-04.
  7. ↑ admin (2018-08-23). "What Happens If My Life Insurance Company Becomes Insolvent". Protect Your Wealth. Retrieved 2020-10-02.
  8. ↑ "Assuris - Past Insolvencies". Archived from the original on 2006-03-17. Retrieved 2010-04-09.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.