Quebec City, Quebec — La Capitale and SSQ Insurance have announced a merger to form a mutual insurance company with more than 3.5 million members.
“We’re delighted to combine our strengths and work as a team to create the biggest insurance mutual in Canada. Together, we’ll be better able to meet current challenges of staying competitive and versatile, developing our workforce, and keeping up with technology. Both our companies are on solid financial ground. Together, we will be even stronger,” said Jean-François Chalifoux, CEO, SSQ Insurance.
The new company says it will announce its official name in the fall, and full integration of the two companies will happen slowly. The company says that for now, nothing will change for clients, members and business partners. Additionally, the head office will remain in Quebec City.
The new company says it has 4, 700 employees and sound finances—with assets under management totalling more than $20 billion, and premiums at $5 billion.
The company is the first group insurer in Quebec and fourth in Canada. This lands the company as the fourth largest personal insurer in Quebec and the sixth-largest in Canada. In terms of general insurance, the company ranks third in Quebec and thirteenth in Canada. In savings, it ranks seventh in Canada, in terms of segregated funds.
Once the new merger is in place, Jean St‑Gelais is expected to serve as Chair of the Board of Directors and Chalifoux as CEO.
“In the rapidly changing world of insurance, we concluded that an alliance between La Capitale and SSQ Insurance is the best way forward for both our organizations. It’s strategic positioning. We have a genuine desire to work together and create a major new Quebec insurance company with more power for faster growth. It’s a promising—and substantial—undertaking,” said Jean St-Gelais, the chair of the Board of Directors and chief executive, La Capitale.
