Canadian mutual insurer Beneva and Gore Mutual, a property and casualty (P&C) mutual insurer, have announced their plans to merge under the Beneva brand.
The combined operations will include more than 6,100 employees and 3.8 million customers.
It will have close to $8bn in premiums and $27bn in assets, making Beneva the “seventh-largest insurer” in Canada by total premium.
The merger will result in a $5.58bn group, reported AM Best.
Following the merger, the company says that Beneva will become the tenth-largest P&C insurer in Canada, while maintaining its position as the third-largest in Quebec.
Gore Mutual, with a history spanning more than 180 years, will continue as a stand-alone subsidiary under the Beneva brand.
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By GlobalDataMembers of Gore Mutual will join Beneva’s membership.
As part of the transaction, Gore Mutual will combine its operations with Unica Insurance, a Beneva subsidiary.
The merger is expected to be finalised in 2026, which requires approval from mutual members, the Competition Bureau and various authorities, as well as the passage of private bills in the Senate of Canada and the Quebec National Assembly.
Until then, Beneva and Gore Mutual will remain as separate entities.
Beneva CEO and president Jean-François Chalifoux 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.
“This merger will enable us to accelerate our growth across Canada and better diversify our insurance portfolio.”
Gore Mutual CEO and president Andy Taylor stated: “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.”
