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PAGE 10 - WATERLOO WE. WEDNESDAY. NOVEMBER 21 , 1984 r l “9.19% ' .. 4 V -Fiie--iq A 1llllllrteMlllMB 1Anii . I ' (r""' '," ."F. DECORATOR CLOCKS the paint and paper people “1:100 TM MSTOGA MALL 'awE am - mum) Wot-doc - KW) “37.1 “an. J Christmas Gifts MIRRORS Waterloo Stores Only John Acheson and tttMeat,' V" ' I ”‘35::ll a . MM 000015 St 001cm Sale of Dominion Life results in job transfers from IlillllainuLiiife head office Chronicle Statt . At least 350 new jobs will be transferred to Kitchener-Waterloo. as a result of the merger of Dominion Life Assurance Company and Manufacturers Life Insurance. The two companies announced last week a two-year plan to consolidate their Canadian operations in Waterloo. which will result in an expansion of the local workforce from 550 to 900 employees. John Acheson, Dominion Life president. and John E. Clark, ManuLife senior vice president, told reporters Friday that the merger will create some staff "redun, dancies". but they predicted the "displacement" of jobs will be absorbed through growth in the company and at- trition. . Acheson said Dominion employees will be given "equal opportunities" as ManuLife stall in the new company. A hiring freeze is now in place at both the insurance firms. "The (merger) wll take two lo three years, giving us a Saturday December 1 r by g Sunday December 2 BASS a oo p m, moo moo Thu" to one ot the wodd's most beloved oraionos Exali an the compemog Hal|elugah shows Enpy soeysts of mterrtattooal reputation Some " composmon almost 250 years ago Handers Mess-ah has become an eagerly mned Chnsimas meme (New and Nearly New Coosignmertt Shop) " Church St. (neat Queen). Kitchens: c 744.5611 Moet.-Sat. ttt {Ill-5:30 21".. Fri. 6 2" EIcollonl selection Alben Moon. Ports. Wayne Clam. Uttrasuede. Mane France, etc ENCOlltE INDI'TIQI'E DESIGNER FASHIONS ' OFF UP TO Tip Origina! Price Attention Ladies! WANTED FOR RESALE Fur Coats and Student Fun (No Black Fem-an) -w 9... p...» w my». nomsnnr‘ unn- Consolidation of Dominion Lite Assurance and ManuLile lnsutance will mean 350 new jobs for K-W, Dominion Lite President John Acheson anndunced last week. Chronicle photo considerable time to make this change in as smooth manner as possible." he said, Dominion currently has 550 employees, while Man, uLife has a Toronto workforce of 2,050, 500 in its Canadian operations. In late October ManuLife purchased 900.000 shares, or 89 per cent. of Dominion Life from the Lincoln National Life Insurance Company of Indiana. Lincoln National will receive $157.50 per share in the deal, and ManuLife will make a followup offer to minority shareholders. After the/consolidation, the US, international, invest- ment and corporate operations of the come ned company will be located in ManuLife's Toronto facilities, Clark stressed the purchase is conditional on govern- ment approval and ratification by ManuLire's more than 950.000 policyholders. A special proxy and information circular outlining the rationale and benefits of the merger will be sent to each ManuLife policyholder, and a vote will be held at a special general meeting early next vear. Acheson said they expect to close the deal in late Feb- ruary. Dominion Life is the eleventh-largest Canadian life insurance company. with assets of approximately $1.5 billion. Founded in I889. the Waterloo-based company operates from coast to coast in Canada. in the Bahamas and in several American states. Also a Canadian firm, ManuLife was established in mm, and currently has assets of more than $10 billion. He noted the merger will also mean an expansion to Dominion Liie's 109,oo0-square-foot building on West mount Road. Clark said ManuLife and Dominion Life are now lobbying the federal government for changes to the Canadian and British Insurance Companies Act, which would allow them to retain the Dominion Life name, as a subsidiary with a special product line. Current legisla- lion prohibits the ownership of subsidiaries in the insurance industry. Combined, the Canadian business of the two companies will rank by premium income as the fifth-largest in Canada. Company officials estimate the merged firm will have a 25 per cent market share in annuities. and six-tu-svwn per cent share in life insurance. ' ”mu-coal 19957.61!) bmwmmmmwws Mwahmmtmrw'm 'u-tr-rr-Hoo-r-trr-teine""'.' bmmwmnW-Mhm arm-mm summon 6pro 578-1570 Tick“: duo at BASS a “out Ame!” Enpy thus performance by the KW Philharmonic Choir Howard Dyck Conductor and the Kitchener Waterloo Symphony Orchestra Featumd guest was are Ingrid Suderman Catherine Robbin Sem McCoy and Mark Pedro“: Wham 5'9 m 6 gm 1-800-265-8977 Arthritis Research is Paying Off! PvmmWWLW WW THE ARTHRITIS SOCIETY presented