Jan. 24, 2020
We are delighted and proud at the prospect of uniting our two companies. The alliance between La Capitale Insurance and Financial Services and SSQ Insurance will create the most important insurance mutual in Canada. The merger brings the two companies together as equals. We’re giving holding hands to do business as one and uniting two financially sound companies that are complementary and of similar size, with shared values.
A changing industry
The insurance sector is undergoing rapid and far-reaching changes. Digital technology is reshaping our clients’ habits, and companies need to invest heavily to keep up. The technology boom is bringing new players onto the scene. Throughout our continent, there is a trend towards consolidation. Size is becoming a key driver for growth and competitiveness.
A new, large-scale company
For all of these reasons, we’re bringing two successful companies together. We want to continue to excel and stand out. Thanks to this alliance, the future looks bright!
- Biggest insurance mutual in Canada in terms of number of members, insurance volume, and segregated funds
- The new company will have 5000 employees
- Over 3.5 million members and clients
- Managed assets will total more than $20 billion
- The value of consolidated premiums will be $5 billion
- We’ll become the top group insurer in Quebec (5th biggest in Canada) and the 3rd biggest property and casualty insurer in Quebec (13th in Canada)
- We also become the 6th largest individual insurance company in Quebec and the 7th largest individual insurance and savings company in Canada.
With our combined strengths, we’ll be an influential player throughout Canada. We’ll have the power to invest in the future so we can keep pace with changing technology, speed up our digital shift, and offer even more products to benefit our members and clients.
Working closely with our employees is the key to a successful merger. They will be the backbone of the new company. All of us together will build the biggest mutual in Canada and keep the head office in Quebec City.
As an employer of choice in the insurance sector, we’ll use our quality working conditions, our culture of innovation, and our agility to attract top talent.
Steps to complete
Although today’s announcement is an important milestone, nothing is changing yet.
There are a number of steps to complete, including approval from Canada’s Competition Bureau, Autorité des marchés financiers, the Minister of Finance, and the mutualist members of each company.We also need the National Assembly to approve the amendments to each company’s private bills. We’re hoping that can be done quickly during the next parliamentary session.
For now, it’s business as usual. We are still two separate and autonomous companies serving our clients.
Our decision to merge makes us confident that tomorrow, we’ll be stronger than ever.
For us and for our employees, that’s an exciting—and substantial—undertaking.
Hello, we are Beneva!
Born of the merger of La Capitale and SSQ Insurance, the largest mutual insurance company in Canada joins ICMIF
Birth of the largest mutual insurance company in the country with La Capitale/SSQ Insurance merger of equals
United and proud
Jean-François Chalifoux elected Chair of the Board of Directors of the Canadian Life and Health Insurance Association
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