Beneva: A Merger of Canadian Insurance Giants

La Capitale and SSQ Insurance Join Forces

Creating a formidable force in the Canadian insurance market

In a significant development in the Canadian insurance industry, two major insurers, La Capitale and SSQ Insurance, have merged to form a new entity named Beneva. This merger brings together two of the country's largest insurers, with a combined market share of over $11 billion in annual premiums.

The merger was finalized on January 1, 2023, creating one of the largest insurance providers in Canada. Beneva will offer a wide range of insurance products and services to both individuals and businesses, including life insurance, health insurance, general insurance, and wealth management.

The merger is expected to bring significant benefits to customers, including expanded product offerings, enhanced service levels, and greater financial stability. Beneva will also benefit from economies of scale, allowing it to invest in innovation and new technologies.

The merger has been met with positive feedback from the industry and analysts. Many view Beneva as a major player in the Canadian insurance market, with the potential to challenge larger insurers such as Manulife and Sun Life Financial.

The formation of Beneva is a significant event in the Canadian insurance industry. It creates a new insurance giant with the scale and resources to compete with the largest players in the market. Beneva's customers can expect to benefit from the merger, as the company offers a wider range of products, enhanced services, and greater financial stability.