- The Wawanesa Life Insurance Company
- Wawanesa Life - Across Canada
- Individual Operation
- Group Operation
- Ratings/Capital Strength
The Wawanesa Life Insurance Company
The Wawanesa Life Insurance Company has been a proud member of the Wawanesa Group of Companies since 1960. Wawanesa Life complements the insurance lines of Wawanesa Mutual and expands the reach of “Earning your Trust since 1896”.
Wawanesa Life’s beginnings were first focused on expanding the product offerings available to Wawanesa Mutual’s broker network and their clients. Our roots are firmly grounded in the traditions of Wawanesa Mutual and with Wawanesa Mutual’s support Wawanesa Life has since expanded its distribution channels to include property and casualty brokers, independent producers, group insurance brokers, and third party administrators. Wawanesa Life’s product offerings have also expanded and today include a full range of individual life insurance, savings and group insurance products.
On October 1, 1993, Wawanesa Life was converted from a mutual to a stock company. At that time its name changed from The Wawanesa Mutual Life Insurance Company to The Wawanesa Life Insurance Company and became a wholly owned subsidiary of The Wawanesa Mutual Insurance Company. As a stock company owned 100% by Wawanesa Mutual, Wawanesa Life remains focused on serving the needs of our owners, Wawanesa policyholders.
Wawanesa Life - Across Canada
Wawanesa Life is licensed in all provinces, except Quebec, and in the Northwest Territories. Our Winnipeg Head Office acts as a central processing center for policy underwriting and issuance, premium and commission processing, claims service and other customer support functions. Our Individual Operation regional offices and Group Operation regional offices are sales focused and work closely with Executive Office to ensure that we are meeting the expectations of our producers and their clients.
Wawanesa Life's Individual Operation offers a full line of individual life insurance and annuity products. Life insurance products include renewable term and permanent products. Annuities include RRSP, RRIF, and non-registered investment products with several investment options including equity participation through Segregated Funds.
Wawanesa Life's Group Operation offers group life, disability, health and dental products to Employer/Employee groups, including Multiple Employer Groups and Association Groups. Market focus is on groups with a minimum of 10 active participants. The Group Operation has several strategic partnerships that expand its service in the areas of disability management, travel assistance and pay direct drugs.
Ratings are provided by independent organizations as a measure of a company's financial strength and solvency. Wawanesa Life is rated by A.M. Best as part of the overall Wawanesa organization. Wawanesa Life is rated A (Excellent) while the parent company, The Wawanesa Mutual Insurance Company is rated A+ (Superior).
Capital strength can also be measured by a capital ratio prescribed by the Office of the Superintendent of Financial Institutions Canada (OSFI). The ratio is measured by comparing the capital available in the company to the minimum capital required for continuing operations. At December 31, 2014, Wawanesa Life had a capital ratio of 262%, well exceeding the 150% required by OSFI.