Start Date: 2024-11-09
End Date: 2024-11-15

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Definity Insurance Company Plans Capital Reduction

Definity Insurance Company has announced its intention to apply for regulatory approval to reduce its stated capital by up to $300 million by the end of 2024. This move, contingent upon the Superintendent of Financial Institutions' approval, aligns with a special resolution approved by the company's sole shareholder. The decision, aiming for capital distribution on or before December 31, 2024, signals potential financial restructuring within the company. This capital reduction could affect the company's financial strategy and shareholder dynamics, pending regulatory review.

Sources: ['Gazette, Part I: www.gazette.gc.ca']