A.M. Best Recognizes Beneva’s Financial Strength
Quebec City, November 13, 2023 – For the first time since its creation, Beneva Inc. (Beneva) was assigned credit ratings by A.M. Best, the international rating agency. A.M. Best published the results of its rigorous analysis and assigned a financial strength rating of “A (excellent)” to Beneva.
It’s important to point out that the companies that combined operations in order to create Beneva previously had a financial strength rating of “A (excellent)”. As a result of the integration work that led to the business combination of La Capitale and SSQ Insurance, Beneva officially became an insurer on January 1, 2023. This allowed the rating agency to analyze its financial strength, while also confirming that of its insurance subsidiaries:
- Beneva Insurance Company: This company was assigned a financial strength rating of “A (excellent)” for its first public rating.
- L'Unique General Insurance Inc. (L’Unique) and Unica Insurance Inc. (Unica): A.M. Best also reconfirmed the financial strength rating of “A (excellent)” of these subsidiaries. With their first-ever rating exercise ending in February 2022, the agency maintained the excellent ratings assigned to L’Unique and Unica, which had also been confirmed in September 2022
The outlook assigned to each of these credit ratings is stable.
“The ratings assigned by A.M. Best confirm that Beneva’s foundation is solid. 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,” said Jean-François Chalifoux, President and Chief Executive Officer of Beneva.
A.M. Best underscores that the ratings reflect the company’s excellent capitalization, solid balance sheet, strong operational performance, premium growth and diversified business profile.
For more information on A.M. Best, consult ambest.com (This hyperlink will open in a new tab).
Created by the coming together of La Capitale and SSQ Insurance, Beneva is the largest insurance mutual in Canada with more than 3.5 million members and customers. Beneva employs over 5,000 dedicated employees: people looking out for people. Its human approach is rooted in mutualist values that are shared by its employees. With $25.1 billion in assets, Beneva positions itself as a major player in the insurance and financial services industry. Its head office is located in Quebec City.
Policyholders of contracts issued by an insurance company of Beneva Group Inc. are members of SSQ Mutual and La Capitale Civil Service Mutual.