Insurer asks for amended demutualization plan

Article Abstract:

Manufacturer's Life Insurance Co. (Manulife), a Toronto, Ontario-based mutual insurer, is asking Canada's federal government for an extension of the period within which it will be safe from hostile takeovers under the proposed rules to govern the insurance demutualization process. Moreover, the company wants non-hostile mergers among life insurance companies to happen more quickly and asks that the prohibition against issuing stock options to executives and important employees to be shorter. Manulife wants to extend the transition period from two years under the draft rules to five years. As regards friendly mergers, Manulife said that its exclusion from the prohibition would enable the insurers to expand and consolidate before becoming vulnerable to hostile takeovers.

Comment:

Asks Canada's federal govt for extension of period within which it will be safe from hostile takeovers as it demutualizes

Government regulation (cont), Ontario, Manufacturers Life Insurance Company (Philippines) Inc.

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Mutual Life launches demutualization meetings

Article Abstract:

Mutual Life Assurance Co. of Canada has initiated a series of town-hall meetings across Canada to explain the demutualization process to its policy holders. The tour began with a meeting in London in Ontario, on September 30, 1998, which will be followed by similar sessions at 11 more Canadian cities, from St. John's to Richmond in British Columbia, between October 3, 1998, and October 7, 1998. To be convened by senior company managers led by president and CEO Robert Astley, the meetings are part of a requirement by the federal government on insurance firms, aimed at informing their policy holders about the effects and consequences of their going public.

Comment:

Has started a series of town-hall meetings across Canada on 9/30/98, to explain demutualization process to its policy holders

Stockholder data, Mutual Life Assurance Company of Canada

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Mutual Life IPO to proceed despite market volatility

Article Abstract:

Mutual Life Assurance Co. of Canada CEO Robert Astley said the current levels of stock market volatility will not deter the company from going public in 1999. Astley said the company is converting from a mutual company to a public company, not trying to raise huge amounts of capital. The company is currently well-capitalized for the businesses it is now into, added Astley. The company's initial public offering, tentatively scheduled for June 1999, is expected to raise C$2.5 billion to $3.5 billion.

Comment:

CEO Robert Astley says current levels of stock market volatility will not deter the company from going public in 1999

Organizational history, Mutual Life Assurance Co.

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