January 1978. After 107 years in Montréal, Sun Life will be moving to Toronto. Motivated by the political instability and economic uncertainty of Quebec’s future and unwilling to comply with the requirements of Bill 101, Sun Life, according to its president Thomas Galt, intends to teach Parti Québécois a lesson.
In the months and years that followed, Sun Life business in Québec fell by 40% and Sun Life would soon no longer be number one in the Québec personnal insurance market. Both francophone runned Desjardins and Industrielle Alliance took the lead.
According to Jacques Parizeau «L’exode d’une partie de la bourgeoisie anglophone a donné un coup de fouet à la garde montante francophone qui a acquis argent, respectabilité et autorité morale au cours de ce bouleversement.»
The rising francophone business class was taking over.