In early July this year, La Capitale and SSQ Insurance announced that their merger of equals was official, creating the largest mutual insurance company in Canada with over 3.5 million members and clients.
The merger of La Capitale and SSQ Insurance was originally announced in January of this year and after completing a number of regulatory steps, the merger of equals was made official on 3 July 2020. The name of the new company will be unveiled in the autumn of 2020 as the gradual integration of both companies continues.
The company says it is built on a solid foundation with 4,700 dedicated employees, well-established mutualist values, sound finances, and diversified expertise. Assets under management total more than CAD 20 billion, and premiums total CAD 5 billion. The head office will remain in Quebec City.
The new company is now the largest mutual insurance company in Canada. It is also the 1st group insurer in Quebec and 4th in Canada, as well as the 4th largest personal insurer in Quebec and the 6th largest in Canada. In general insurance, it ranks 3rd in Quebec and 13th in Canada. It also holds a strong position in savings, ranking 7th in Canada in segregated funds.
Since the official announcement of the merger in July, La Capitale / SSQ Insurance has now also joined the International Cooperative and Mutual Insurance Federation (ICMIF). Shaun Tarbuck, Chief Executive of ICMIF said: “On behalf of ICMIF, our Board of Directors and our 200 member organisations, I am delighted to extend my warmest congratulations to La Capitale and SSQ Insurance on their official announcement of their merger of equals, thereby creating the largest mutual insurance company in Canada with over 3.5 million members and clients. We are delighted that the newly formed organisation has decided to join ICMIF and our global network of member-owned insurers. I look forward to working with Jean-François Chalifoux, the new President and Chief Executive Officer, and Jean St-Gelais, Chair of the Board of Directors.”
Jean-François Chalifoux, President and Chief Executive Officer of La Capitale / SSQ Insurance said: “As the largest mutual insurer in the country, our company is leading the mutualist and cooperative movement in Canada. Through ICMIF, we will be joining a network of the world’s largest mutuals, which we are convinced will be an asset for our organization. The knowledge, skills and experience of federation members will contribute to strengthening our competitiveness, especially in terms of sustainability, innovation and emerging risks. Above all, we are pleased to be able to promote the mutualist and cooperative model to our own members and customers.”
For more information on La Capitale /SSQ Insurance, please consult thelargestmutual.ca