One of Canada’s oldest property and casualty mutual insurers, Gore Mutual, is joining forces with Beneva Inc., a newly created Quebec-based financial services provider that offers life, health and property insurance to more than 3.5 million policyholders.
Beneva and Gore announced their intention Tuesday to merge under the Beneva brand in 2026. Together, the combined operations will have about $8-billion in total premiums and manage $27-billion in assets.
“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,” Beneva chief executive officer Jean-François Chalifoux said.
Mutual insurance companies are owned by their policyholders, often referred to as members, and strive to provide coverage at premium levels that do not drive large profits. Some profits may be returned to policyholders in the form of dividends or rebates.
Financial details of the transaction were not disclosed, and the merger requires regulatory approval from the policyholders, industry regulators, the Competition Bureau, the Senate of Canada and the Quebec National Assembly.
If approved, Beneva, together with Gore, will become the 10th-largest property and casualty insurer in Canada and employ over 6,100 people who serve 3.8-million customers.
Gore Mutual was founded in 1839 in Brantford, Ont., and was known as the Gore District Mutual Fire Insurance Company. In 1852, the Grand Trunk Railway allowed the company to expand its fire insurance across Ontario. In 1935, it open an office in Vancouver, and two years later, began to offer insurance to cover burglary, aviation, earthquakes and tornado. In 1939, the company introduced automobile insurance.
Gore Mutual CEO Andy Taylor said the merger will allow Gore to become 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,” Mr. Taylor added in a statement.
Beneva was created in 2020 through the merger of two Quebec-based insurers - La Capitale and SSQ Insurance – and provides coverage for life and health insurance, travel insurance, and home insurance.
As part of the merger, Gore Mutual will combine its operations with Unica Insurance, a Beneva subsidiary based in Mississauga, Ont., and operate as a standalone subsidiary.