Upcoming merger of our network partner in Canada
SSQ Insurance and La Capitale Insurance and Financial Services are joining forces to become the biggest insurance mutual in Canada.
by Allianz Global Benefits | 2 min read
After the first announcements in the beginning of this year, the National Assembly of Quebec has now given the go-ahead for the merger of SSQ Insurance and La Capitale Insurance and Financial Services to be completed as of July 1st. Both entities will be joining forces and bundling their talents, expertise and mutual values. The result is the biggest insurance mutual in Canada with combined assets under management of more than $20 billion, a nationwide reach and a head office in Quebec City.
Nothing will change for our multinational clients for the moment. The new company, whose name is still to be announced, will continue to offer the Canadian subsidiaries the full range of high-quality products and outstanding service, combined with a sound financial foundation.
Via the Allianz Global Benefits network, domestic prospects and existing clients of the new mutual will continue to have access to a worldwide benefits network with great expertise in the implementation of local employee benefit plans as well as in Multinational Pooling, Captive Fronting and Global Underwriting.
Orchestrated by a transition committee with representatives from both sides, the integration will be made gradually, next steps to be announced in the coming weeks.
About La Capitale
La Capitale Insurance and Financial Services, created in 1940, has a strong presence across Quebec and throughout Canada. With close to 2,800 employees and guided by the values of mutualism on which it was founded, La Capitale works with clients to build, protect, and manage what they consider critical to their financial security. The company offers insurance products and financial services to the general public as well as to Quebec public service employees. With assets of $8.8 billion, La Capitale features prominently among leading insurers in Canada.
About SSQ Insurance
Founded in 1944, SSQ Insurance is a mutualist company that puts community at the heart of insurance. With $13 billion in assets under management, SSQ Insurance is one of the largest insurers in Canada. Serving a community of over 3 million members and customers, SSQ Insurance employs 2,000 people. A leader in group insurance, the company also sets itself apart through its expertise in individual life and health insurance, general insurance and the investment sector.
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