QUEBEC CITY, CAMBRIDGE, ON, Jan. 21, 2025 /CNW/ - 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.
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.
Together, the combined operations will have over 6,100 employees and 3.8 million members and customers. With close to $8 billion of total premium and $27 billion of assets, the merger will consolidate Beneva's ranking as the seventh largest insurer in Canada, by total premium. 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 continue to invest in information technology, improve customer experience and enhance their property and casualty products to better meet the needs of members, customers and brokers. Joining forces will also result in new employment and professional development opportunities and strengthen a top employer in Quebec, Cambridge and the Greater Toronto Area.
Operating as a standalone subsidiary under the Beneva brand will allow Gore Mutual's more than 180-year heritage to live on with a commitment to maintaining their important historic connection to Cambridge and safeguarding its legacy as Canada's oldest mutual property and casualty insurer. The members of Gore Mutual will join Beneva members as full members of the merged entity.
As part of this transaction, Gore Mutual will combine its operations with Unica Insurance, a Beneva subsidiary and a niche personal and commercial insurer based in Mississauga Ontario, and operate as a standalone subsidiary. Once merged, the complementary operations will create a larger group with great ambitions for growth across Canada.
There are still steps to complete before the merger can be finalized in 2026, including obtaining the approvals from the mutual members of each organization, the Competition Bureau, the required authorities and the adoption of private bills by the Senate of Canada and the Quebec National Assembly. Therefore, for the time being, there is no change in the activities of the two organizations as they remain competitors.