Waterloo, ON (Jan. 18, 2021) – Heartland Farm Mutual Inc. (“Heartland”), based in Waterloo, Ontario, and The Kings Mutual Insurance Company (“Kings”) based in Berwick, Nova Scotia, are pleased to announce they have reached an agreement to merge. The name of the amalgamated company will be Heartland Farm Mutual Inc.
Kings and Heartland are excited for the proposed merger and believe the companies will be stronger together. The amalgamation provides significant synergistic opportunities across both Ontario and Nova Scotia and will enable Heartland to deploy automobile insurance products in Nova Scotia.
“This amalgamation supports both organizations’ scale aspiration and brings several benefits, including geographical spread of risk through access to new markets, greater economies of scale and a stronger overall capital base, all of which will benefit policyholders,” said Larry Binning, Chair of Heartland.
“Leveraging the strengths of each company will result in information technology investments and improvements, enhanced product offerings and improved customer experiences for Nova Scotia policyholders,” said Lynn MacLean, Chair of Kings.
The amalgamated company’s Head Office will reside in Waterloo, Ontario, while The Kings Mutual Head Office will transition into a regional division.
Louis Durocher, President & CEO of Heartland will continue as President & CEO of the new company.
Cara Cameron, President & CEO of Kings will transition to Vice-President & COO Maritime Operations.
The transaction is contingent upon receiving federal regulatory approval and policyholder support at each company’s Annual General and Special Meetings. The policyholders meetings are being planned for May 2021 and the proposed effective date for amalgamation is June 30th, 2021.
Kings and Heartland are both committed to keeping policyholders, brokers and other stakeholders fully informed on their progress. Regular updates will be available during the period leading up to the Annual General and Special Meetings and to the effective date of merger.
About Heartland Farm Mutual
Heartland was established on January 1, 2016 as a result of the amalgamation between North Waterloo Farmers Mutual Insurance Company (established 1874) and Oxford Mutual Insurance Company (established 1878). The company offers home, farm, automobile and business insurance through brokers and agents in Ontario. Heartland is the second largest insurer in the group of companies known as farm mutuals in the province of Ontario. In 2019, the company had premium revenue of $128 million and assets of $306 million. Its head office is in Waterloo, Ontario. For more information, please visit www.heartlandfarmmutual.com.
About The Kings Mutual Insurance Company
Kings was established January 1, 2016 as a result of the amalgamation between The Kings Mutual Insurance Company (established 1904) and Pictou County Farmers Mutual Fire Insurance Company (established 1904). The company offers home, farm and small business insurance through brokers and agents in Nova Scotia. Kings is the largest insurer in the group of companies known as farm mutuals in the province of Nova Scotia. In 2019, the company had premium revenue of $14 million and assets of $52 million. Its head office is in Berwick, Nova Scotia. For more information, please visit www.kingsmutual.ns.ca.
SOURCE: Heartland Farm Mutual Inc.Tags: Heartland Farm Mutual Insurance, Kings Mutual Insurance Company (KMIC), merger, Mergers & Acquisitions