Beneva’s financial strength recognized by AM Best
Quebec City, September 26, 2022 – The international rating agency AM Best has granted excellent credit ratings to all entities that make up Beneva Group Inc. (Beneva). After a thorough analysis, the rating agency that specializes in insurance affirmed the financial strength of all the subsidiaries that make up Beneva, the company created by the coming together of equals La Capitale and SSQ Insurance.
- La Capitale Civil Service Insurer Inc. and La Capitale General insurance Inc.: A Financial Strength rating of "A (excellent)", as well as an Issuer Credit rating of "a" were awarded to each entity. This is their first public rating.
- SSQ, Life Insurance Company Inc.: A Financial Strength rating of "A (excellent)", as well as an Issuer Credit rating of "a" were reaffirmed today. The rating agency had increased its rating in September 2019, and affirmed it in January 2020 following the announcement of the union, and in September 2021.
- L'Unique General Insurance Inc. (L’Unique) and Unica Insurance Inc. (Unica): AM Best also reaffirmed the Financial Strength rating of "A (excellent)", as well as an Issuer Credit rating "a" for its Beneva subsidiaries. With their first rating exercise having ended in February, the agency maintained the excellent rating previously awarded to L’Unique and Unica.
The outlooks assigned to each of the ratings are stable.
For each Beneva subsidiary, AM Best highlighted that the assigned ratings reflect the strength of the financial balance sheet, strong operational performance, a balanced business profile and the appropriate management of business risks.
"We’re proud that after a thorough analysis AM Best highlighted our financial strength. The latter allows us to build solid foundations during this pivotal period and develop a modern business model while focusing on accessibility and efficiency. Obtaining these ratings for each of the entities that make up Beneva represents a major milestone in establishing itself as a key player in the Canadian insurance and financial services industry," said Jean-François Chalifoux, President and Chief Executive Officer.
The affirmation of these excellent ratings paves the way to eventually obtain ratings for Beneva, once its target corporate structure is in place, in accordance with the integration work stemming from the coming together of La Capitale and SSQ Insurance. By then, Beneva will be a fully licenced insurer.
For more information about AM Best, go to ambest.com.
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 $26.8 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.