Green light from the National Assembly of Quebec
Quebec City, June 3, 2020 – La Capitale Insurance and Financial Services and SSQ Insurance have reached an important milestone in their merger of equals, announced in January. The National Assembly of Quebec has given the green light and adopted the two private bills required to create the largest mutual insurance company in Canada. Following the completion of this step, the new company should come into being on July 1.
Only authorizations from the AMF and the Minister of Finance remain to be obtained. However, the work underway with these two organizations is on track. Both companies also obtained the approval of their mutualists in March.
For now, there is no change for their clients and employees. A transition committee, with representatives from each company, is already working to ensure that the merger of equals goes smoothly. The integration will take place gradually, and the next steps will be announced in the coming weeks.
Both entities are forging ahead with efforts to join forces and build a new Pan-Canadian company, the head office of which will remain in Quebec City for the long term. The name of the new company will be announced in the coming months.
The company will build on a solid foundation of skilled employees, strong mutualist values, sound finances and a broad range of expertise. The new company will have more than $20 billion in combined assets under management and $5 billion in consolidated premiums.
The company will build on a solid foundation of skilled employees, strong mutualist values, sound finances and a broad range of expertise. The new company will have more than $20 billion in combined assets under management and $5 billion in consolidated premiums.
Quotes
“It’s a big day for La Capitale and SSQ Insurance. We have everything we need to create an influential and trusted player in Canada’s insurance landscape. By pooling our talents, expertise, and mutualist values, we are stronger together. For our new company, the future looks bright.”
-Jean-François Chalifoux
CEO of SSQ Insurance
“Our merger of equals will become official on July 1, and we couldn’t be happier. I’d like to thank the employees and board members who have made it possible to reach this historic milestone and create the largest insurance mutual company in Canada. I am also very grateful to the members of the National Assembly of Quebec for working with us. This is the beginning of an exciting journey, and it’s all happening here, in Quebec City.”
-Jean St-Gelais
Chairman of the Board and CEO of La Capitale
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 three 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.
For more information, go to ssq.ca.
