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Beneva ceases distribution of Penncorp series products

September 8, 2023

Quebec City, September 8, 2023 - Beneva is simplifying its offerings to accelerate its pan-Canadian development in the financial services and individual insurance sectors. Consequently, Beneva will cease new sales of Penncorp series products, distributed by La Capitale Financial Security (LCFS), as of December 31, 2023. This decision is in line with the company's strategic orientation.

"Our aim is to provide our customers with a comprehensive offering, tailored to their needs and, above all, based on an experience that is simple from every point of view," said Lara Nourcy, Executive Vice President and Leader, Individual Insurance and Financial Services. "Beneva is committed to being kind to employees, customers, agents and partners who are navigating new circumstances.” she adds.

LCFS distributes Penncorp series products exclusively via independent agents. All customers currently holding Penncorp series products will continue to be protected and will receive the same level of service for the duration of their contract. This business decision has no effect on the distribution of Pillar Series products.

About Beneva

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.