Beneva, Canada’s largest mutual insurer, and Gore Mutual, one of the country’s oldest property and casualty mutual insurers, have announced their intention to merge operations.
The combined entity will operate under the Beneva brand, consolidating two companies. The merger will create a diversified property and casualty insurer offering brokers and consumers an expanded range of options.
The unified organisation will employ more than 6,100 people, serving 3.8 million members and customers, with approximately CA$8 billion in total premium and CA$27 billion in assets.
Beneva said that this will solidify its position as the seventh-largest insurer in Canada by total premium and make it the tenth-largest property and casualty insurer nationwide. It will also remain the third-largest property and casualty insurer in Quebec.
The companies noted that the merger is expected to enhance product offerings, create new employment opportunities, and support professional development for employees in Quebec, Cambridge, and the Greater Toronto Area.
Gore Mutual’s 180-year history will be preserved through its operation as a standalone subsidiary under the Beneva brand, maintaining its historic ties to Cambridge, Ontario. Members of Gore Mutual will join Beneva’s member base, ensuring a continuation of the mutual model for both organisations.
Gore Mutual will also integrate its operations with Unica Insurance, a Beneva subsidiary based in Mississauga, Ontario, which specialises in niche personal and commercial insurance.
Completion of the merger is targeted for 2026 and remains subject to several approvals, including those from the mutual members of both organisations, the Competition Bureau, regulatory authorities, and legislative bodies such as the Senate of Canada and the Quebec National Assembly.
Until these approvals are obtained, Beneva and Gore Mutual said that they will continue operating independently as competitors.
Jean-François Chalifoux (pictured above, left), president and CEO of Beneva, said the merger strengthens Beneva’s position as a leading Canadian mutual insurer.
“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. This merger will enable us to accelerate our growth across Canada, and better diversify our insurance portfolio,” Chalifoux said.
Andy Taylor (pictured above, right), president and CEO of Gore Mutual, highlighted the merger’s potential to enhance the organisations’ competitiveness and sustainability.
“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,” Taylor said.
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