Two Canadian ICMIF members have announced that they are to merge. Beneva—Canada’s largest mutual insurer – and Gore Mutual – one of the oldest property and casualty mutual insurers in Canada – have today announced their intention to combine their businesses to drive future growth. A joint announcement from the two organisations described this merger as a significant transaction which will bring together two well-established, financially strong, trusted brands, reinforcing the meaningful role of mutuals in the Canadian insurance industry.
Beneva and Gore Mutual will merge under the Beneva brand, with the aim of strengthening their highly diversified, purpose-driven and financially sound businesses – giving both brokers and Canadian consumers a strong and resilient option as a property and casualty insurer.
Together, the combined operations will have over 6,100 employees and 3.8 million members and customers. With close to CAD 8 billion of total premium and CAD 27 billion of assets, the merger will consolidate Beneva’s ranking as the seventh largest insurer in Canada, by total premiums. Following the merger with Gore Mutual, Beneva will become the 10th largest property and casualty insurer in Canada and continue to be the third largest property and casualty insurer in Quebec.
Jean-François Chalifoux, President and CEO of Beneva said: “With this merger, we are strengthening Beneva’s position as the largest leading Canadian insurer with a mutual model, seizing a unique opportunity to ensure that mutuals remain a driving force in the Canadian insurance industry. A Beneva-Gore Mutual merger makes business sense and is the right move for our members, employees, and our communities, as the values are aligned and cultures are highly compatible, thanks to both companies’ commitment to the mutual model. This merger will enable us to accelerate our growth across Canada, and better diversify our insurance portfolio.”
Andy Taylor, President and CEO of Gore Mutual added: “By joining forces, we will be an even more prominent, competitive player in Canada’s insurance industry. This will enable us to accelerate our growth and foster the long-term future of our organisations with combined scale, diversification, and access to capital. Beneva recognises and respects our important legacy and role in the Cambridge, Ontario community and the combined entity will remain deeply committed to contributing to the local area, as well as a top employer in the region.”
Beneva and Gore Mutual says there will be a continued investment in information technology, improvements to customer experience and enhancements of their property and casualty products to better meet the needs of members, customers and brokers. Joining forces will also result in new employment and professional development opportunities and strengthen a top employer in Quebec, Cambridge and the Greater Toronto Area.
Operating as a standalone subsidiary under the Beneva brand will allow Gore Mutual’s more than 180-year heritage to live on with a commitment to maintaining their important historic connection to Cambridge and safeguarding its legacy as Canada’s oldest mutual property and casualty insurer. The members of Gore Mutual will join Beneva members as full members of the merged entity.
As part of this transaction, Gore Mutual will combine its operations with Unica Insurance, a Beneva subsidiary and a niche personal and commercial insurer based in Mississauga, Ontario, and operate as a standalone subsidiary. Once merged, the complementary operations will create a larger group with ambitions for growth across Canada.
The announcement confirms there are still steps to complete before the merger can be finalised in 2026, including obtaining the approvals from the mutual members of each organisation, the Competition Bureau, the required authorities and the adoption of private bills by the Senate of Canada and the Quebec National Assembly.
Photo: Brave Productions
