Mutual Life hopes to hasten amalgamation
Article Abstract:
Mutual Life Assurance Co. of Canada, based in Waterloo, Ontario, wants to complete the integration of the Canadian operations of Ottawa, Ontario-based Metropolitan Life Insurance Co. of Canada into its own by the end of 1998. Mutual wants a faster integration with a view of reaping the expected cost savings as soon as possible. MetLife currently operates as a wholly-owned subsidiary of Mutual, resulting in additional costs associated with maintaining a separate board of directors and holding of separate annual meetings. Mutual acquired MetLife's individual life insurance, savings and retirement and group insurance businesses from parent company Metropolitan Life Insurance Co. of New York for C$1.2 billion.
Comment:
Wants to complete integration of Metropolitan Life Insurance Co of Canada into its own by the end of 1998
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Going public to cost Manulife 'several hundred million dollars.'
Article Abstract:
Manufacturers Life Insurance Co. (Manulife), a Toronto, Ontario-based mutual insurer, will bear 'several hundred million dollars' in internal staff costs and professional and brokerage fees as a result of its going public. The legal and accounting fees to be borne in going public would amount to around C$20 million. Brokerage fees are contingent on the number of the company's estimated 700,000 voting policy holders who would choose cash instead of shares when the company demutualizes. Manulife anticipates that majority of its policy holders would choose stocks over cash.
Comment:
Is to bear 'several hundred million dollars' as a result of decision to go public
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Comment about this article or add new information about this topic:
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