The Mutual Life Assurance Company of Canada was a Canadian insurance company that existed from 1868 to 2002. The company's articles of incorporation received royal assent in the Parliament of Ontario on 19 December 1868 as the Ontario Mutual Life Assurance Company. In 1900, it changed its name to the Mutual Life Assurance Company of Canada. At the end of the 20th century, Mutual Life was Canada's fourth largest insurance company. On 10 June 1999, shareholders voted to

demutualise Demutualization is the process by which a customer-owned mutual organization (''mutual'') or co-operative changes legal form to a joint stock company. It is sometimes called stocking or privatization. As part of the demutualization process, member ...

the company and to change its name to the Clarica Life Insurance Company. Clarica determined a valuation of CAD 865 million, and on 15 July 1999 made its

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

of 42.2 million shares valued at CAD 20.50 per. In December 2001, Sun Life made a CAD 7.1 billion offer to acquire Clarica. Shareholders voted in favour of the takeover on 6 March 2002, and the deal was completed on 29 May.Tara Perkins, "Clarica insurance holds final meeting," ''Waterloo Region Record'', (20 June 2002), E1. Upon the purchase, Sun Life overtook

Manulife Manulife Financial Corporation (French language, French: Financière Manuvie) is a Canadian multinational insurance company and financial services provider headquartered in Toronto, Ontario. The company operates in Canada and Asia as "Manulife" ...

to become Canada's largest insurance company. After the sale, Clarica was merged into the Sun Life Assurance Company of Canada, and the corporation was dissolved at the end of 2002. That year, Sun transferred the headquarters of its Canadian operations from Toronto to Waterloo, where they remain today.

Leadership

President

# Isaac Erb Bowman, 1869–1897 # Robert Melvin, 1897–1908 # Edwin Perry Clement, 1908–1920 # Maj. Hume Blake Cronyn Sr., 1920–1929 # Robert Osborne McCulloch, 1929–1943 # Louis Lacourse Lang, 1943–1958 # Harrington Luke Guy, 1958–1959 # Edward Anthes Rieder, 1959–1964 # Kenneth Robert MacGregor, 1964–1973 # John Harry Panabaker, 1973–1982 # Jack Verner Masterman, 1982–1989 # Robert Murray Astley, 1989–2002

Chairman of the Board

# Charles Martin Bowman, 1926–1932 # Robert Osborne McCulloch, 1943 # Louis Lacourse Lang, 1958–1964 # Edward Anthes Rieder, 1964–1966 # Harold Melvin Turner, 1966–1973 # Kenneth Robert MacGregor, 1973–1982 # John Harry Panabaker, 1982–1989 # Jack Verner Masterman, 1989–1999 # David Alison Ganong, 1999–2002

References

1868 establishments in Canada 2002 disestablishments in Canada History of Waterloo, Ontario Defunct insurance companies of Canada Sun Life Financial {{Canada-company-stub