Groupe Cloutier and Beneva announce a financial partnership

Quebec City, September 19, 2024 – With the financial support of a solid investor such as Beneva, Groupe Cloutier is looking to further propel its growth, while retaining its strategic vision, independence and autonomy. Beneva became a minority investor in Groupe Cloutier as of September 1, 2024. This partnership is very positive for both organizations, as well as for all independent advisors.

These two Quebec-based organizations share a common belief in and commitment to maintaining an independent distribution network, in order to allow clients to choose insurance products and financial services best suited to their needs.

As such, Groupe Cloutier will continue to operate independently, under the current leadership team. There will be no change in Groupe Cloutier’s day-to-day operations resulting from this partnership. Advisors will continue to offer the same level of service to their clients.

Since its foundation, Beneva has positioned itself as a key player in the insurance industry by offering quality products to its members through different distribution networks. With this minority stake equity investment, Beneva is demonstrating its intention to continue supporting the independent advisors’ network, while enhancing its commercial activities in life and health insurance in Quebec.

“It is essential for our family to remain the controlling shareholder and be at the centre of our organization. This way, we ensure that our vision and our fundamental values are upheld. We strongly value the relationship we have with our advisors, who have such an important role in helping clients choose insurance products and financial services best suited to their needs. Beneva is a strong partner, and its financial investment will help us achieve our ambition faster and quicker,” said Patrick Cloutier, President and Chief Executive Officer and Associate of Groupe Cloutier.

“We are thrilled with this new partnership, which will support our on-going development of life and health insurance business in Quebec. We plan on building a successful and long-term relationship with Groupe Cloutier, while continuing to support our own distribution network, as well as our other independent partners, all key players in the promotion of our offer in Canada,” said Jean-François Chalifoux, President and CEO at Beneva.

About Groupe Cloutier

Groupe Cloutier has built a relationship of trust with independent financial advisors for over 45 years. Groupe Cloutier enables more than 1,000 independent advisors to succeed, thanks to the expertise of a team of 170 passionate employees, as well as long-term and trusting relationships with insurers, service providers and financial institutions. To learn more about Groupe Cloutier, visit groupecloutier.com (This hyperlink will open in a new tab)..

About Beneva

Created by the coming together of La Capitale and SSQ Insurance, Beneva is the largest insurance mutual in Canada with more than 3.5 million members and customers. Beneva employs over 5,500 dedicated employees: people looking out for people. Its human approach is rooted in mutualist values that are shared by its employees. With $25.2 billion in assets, Beneva positions itself as a major player in the insurance and financial services industry. Its head office is located in Quebec City.