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Canadian insurers Beneva and Gore Mutual plan to merge to drive growth

Canadian insurers Beneva and Gore Mutual plan to merge to drive growth

Beneva—Canada’s largest mutual insurer—and Gore Mutual—one of the oldest property and casualty mutual insurers in Canada —are announcing their intention to combine their businesses to drive future growth.

This significant transaction will bring together two well-established, financially strong, trusted brands, reinforcing the meaningful role of mutuals in the Canadian insurance industry.

Upon combination 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. 

Beneva and Gore Mutual will merge under the Beneva brand, which will strengthen their highly diversified, purpose-driven and financially sound businesses – giving both brokers and Canadian consumers an even stronger and more resilient option as a property and casualty insurer.

The combined company will have over 6,100 employees and serve 3.8 mn members and customers. It will generate nearly C$8 bn ($5.58 bn) in total premiums and hold C$27 bn in assets, solidifying Beneva’s position as Canada’s seventh-largest insurer by total premiums.

Andy Taylor, president and CEO of Gore Mutual, said the merger will enhance the company’s competitive position, providing greater scale, diversification, and access to capital.

Canadian insurers Beneva and Gore Mutual plan to merge to drive growth

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 organizations with combined scale, diversification, and access to capital.

Andy Taylor, president and CEO of Gore Mutual

“Beneva recognizes 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,” says Andy Taylor.

“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. This merger will enable us to accelerate our growth across Canada, and better diversify our insurance portfolio,” Jean-François Chalifoux, president and CEO of Beneva said.

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.

Jean-François Chalifoux, president and CEO of Beneva

The combined entity will rank as Canada’s 10th-largest property/casualty insurer and remain the third-largest in Quebec.

The companies will operate under the Beneva brand, aiming to provide brokers and Canadian consumers with a stronger and more resilient property and casualty insurance option. As part of the deal, Gore Mutual will merge with Unica Insurance, a Beneva subsidiary based in Mississauga, Ontario, and continue as a standalone business.

The merger, expected to close in 2025, requires approvals from mutual members, the Competition Bureau, regulatory authorities, and legislative adoption of private bills by the Senate of Canada and the Quebec National Assembly.

Created by the coming together of La Capitale and SSQ Insurance, Beneva is the largest insurance mutual in Canada with more than 3.5 mn 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 bn in assets, Beneva positions itself as a major player in the insurance and financial services industry. Its head office is located in Quebec City.