Beneva was assigned its first AM Best credit rating since officially launching operations earlier this year, receiving a financial strength rating of “A (excellent).”
The Quebec-headquartered insurer was formed as a result of a merger between La Capitale and SSQ Insurance. Before this merger, the same “A (excellent)” rating had been assigned to the combined operations of the two companies.
AM Best’s assessment also covered Beneva’s insurance subsidiaries, with Beneva Insurance Company L'Unique General Insurance, and Unica Insurance all receiving “A (excellent)” ratings. Additionally, each credit rating has been assigned a stable outlook.
In a news release, president and CEO Jean-François Chalifoux called Beneva’s first-ever rating “an important milestone in its evolution.”
“The ratings assigned by AM Best confirm that Beneva’s foundation is solid,” he said. “We are especially pleased with the results of this analysis which demonstrate that Beneva’s integration plan, business strategy and financial results are in line with the rating agency's expectations. This first-ever rating for Beneva is an important milestone in its evolution.”
In 2020, Chalifoux spoke of the La Capitale and SSQ Insurance merger with Insurance Business Canada. He called the move a “merger of equals” as he highlighted the similarities between the two companies in terms of “our nature, our values and the way we conducted business.”
Beneva currently stands as the largest insurance mutual in Canada, with more than 3.5 million members and customers. It also holds $25.1 billion and has a workforce of around 5,000 employees.
The company recently unveiled that it will reimburse its insureds for the cost of individual self-management support services provided by Relief.
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