Beneva takes a new step in its growth plan by announcing its merger with Gore Mutual. Effective January 1, 2026, Gore Mutual, founded in 1839 and located in Cambridge, Ontario, will operate under the name Beneva.
According to Jean-François Chalifoux, president and CEO of Beneva, the two companies share similar origins.
“Following a major fire, merchants came together to help each other. This ties in with our history at Beneva. In the 1940s, workers united. People from the administration also decided to come together to help each other,” he explains.
Strategic merger
Since 2020, Beneva, born from the merger between SSQ Assurance and La Capitale, has established itself as a major player in Quebec. With this new alliance, Beneva will expand its national reach by strengthening its presence in Ontario and British Columbia, where Gore Mutual notably has an office in Vancouver.
“It’s an anchor for the future,” rejoices Mr. Chalifoux. We will almost quadruple our damage insurance footprint outside of Quebec.”
— Jean-François Chalifoux, President and CEO of Beneva
Unica, a subsidiary of Beneva in Ontario, currently generates a volume of premiums written in damage insurance of 250 million dollars. Thanks to the integration of Gore Mutual, this amount will reach almost a billion dollars.
By combining their activities, Beneva will have more than 6,100 employees and serve 3.8 million members and customers.
-With total premiums of around $8 billion and $27 billion in assets, the company will rise to 10th place among damage insurers in Canada, while maintaining its 3rd place in Quebec.
Diversification and resilience
For Jean-François Chalifoux, this merger is crucial in a context marked by growing climate challenges.
“We will become stronger, better diversified and more resilient in property and casualty insurance. With the climate changes we are observing, whether in Quebec, Canada or currently in California, diversification and the size of the company become essential.”
Before the merger is formalized in 2026, several steps remain to be completed, including approval from mutual members, the Competition Bureau and regulatory authorities.
In addition, the Senate of Canada and the National Assembly of Quebec will have to adopt private bills.
Until then, the businesses of Beneva and Gore Mutual remain separate, and the two companies will continue to operate as competitors.
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