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Why have La Capitale and SSQ Insurance decided to join forces? What are the advantages?

The union of both entities will help both companies to compete with the biggest names in a rapidly changing industry and strengthen Quebec’s expertise in the insurance industry while maintaining a key head office here in Quebec City.

In addition, our companies complement each other well and are of a similar size. Together, we can offer an unparalleled customer experience and become an attractive, competitive employer on the job market in Quebec and Canada. We’re convinced of that.

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What will be Beneva’s market position in Quebec and Canada?

Beneva becomes the 1st group insurer in Quebec and the 4th in Canada. It ranks 3rd in Québec in general insurance and 12th in Canada. It becomes the 4th largest individual insurance company in Québec and the 5th largest individual insurance company in Canada.  In addition, it holds an enviable position in savings with a 7th position in Canada in segregated funds.

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What are the new entity’s plans outside Quebec?

We want to become a major player in Canada’s insurance industry. A successful company that retains strong mutualist values and that our members, clients, employees, and partners can count on.

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What makes a mutual company different from other companies?

A mutual company is a collective enterprise whose members, known as mutualists, come together to insure and protect themselves against certain risks like accidents and illness.  The members are joint owners and users. They participate in their mutual company’s democratic process and ensure the surpluses are shared fairly and appropriately. Mutualism is a modern and sustainable business model that exists all over the world. Mutual companies demonstrate democracy and engage and empower individuals while fostering a community spirit. They are also business oriented and a successful business model.

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Where will the new head office be?

The head office will be in Quebec City. The specific location has yet to be determined.

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Who will be the head of the new company?

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Who will be on the new company’s board of directors?

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How many employees will the new company have? What are your predictions after one year? After five years?

The new company has 5,000 employees. The goal is to sustain the company’s growth.

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Why did you choose Beneva as a name?

Inspired by our mutualist roots, the strength of Beneva's name lies in its meaning. The customer understands that choosing us is beneficial to them, and that we’re caring by nature. The very etymology of the name – bene (good) and va (to go) – is entirely positive. Beneva evokes the strength and reach of a major insurance company, but with a personable side, suggesting a whole new kind of experience.

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What will happen with the data about the clients and members of each company?

Protecting our members’, clients’ and employees’ data is a priority. The new company is making every effort to keep their data safe.

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Will this new collaboration force you to drop certain products or services?

The services we offer are complementary. Our goal at Beneva is to expand our range of products and services.

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Will the introduction of Beneva make the insurance market less competitive and result in higher prices?

No, because La Capitale and SSQ Insurance's markets are highly complementary. One of the goals at Beneva is to offer more to our members and clients, with a client experience that is second to none.

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Will there be a financial impact for members and clients?

All policies remain valid and unchanged. There are no changes for our members and clients. We will keep them up to date throughout the process.

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Will the everyday experience of members and clients be impacted?

For now, there are no changes for our members and clients. All insurance contracts will be honoured. Clients will be kept informed throughout the process.

The two companies together will enable us to offer our clients an experience and products that are closer and closer in line with their needs.

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What will happen to employees?

For now, there are no changes for our 5,000 employees. The activities of La Capitale and SSQ Insurance will be gradually combined over the next three years to ensure a smooth transition.

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