Sym-Tech Dealer Services agrees to buy SSQ Dealer Services’ distribution business from Beneva
Quebec City, Quebec and Toronto, Ontario, November 2, 2022 – SSQ Distribution Inc., a subsidiary of Beneva Group (Beneva), has entered into an agreement to sell SSQ Dealer Services’ distribution business (“SSQ Dealer Services”) to Sym-Tech Dealer Services (“Sym-Tech”), a subsidiary of Amynta Group.
SSQ Dealer Services provides automotive protection products and services to an extensive network of dealers throughout Quebec. Francis Vallée, Regional Vice President of SSQ Dealer Services, will continue to lead the team that has been serving dealers for over 20 years. Beneva will remain the insurer of the credit and replacement insurance portfolios and will collaborate with Sym-Tech for the distribution of these products.
Through this transaction, Sym-Tech will acquire the distribution network of SSQ Dealer Services as well as the extended warranty portfolio. Sym-Tech will also collaborate with SSQ to grow these activities with dealerships and dealer groups that sell new or used automobiles, leisure vehicles, recreational vehicles and other vehicles. Beneva will continue to work with the dealer network to meet their group benefits needs and their commercial insurance needs.
“Beneva seized the opportunity to sell SSQ Dealer Services’ distribution activities to Sym-Tech Dealer Services because it is a company that shares our values by being human and customer-oriented. We are very pleased to collaborate with Sym-Tech to implement all the elements of this winning combination,” said Jean-François Chalifoux, President and CEO of Beneva.
Derek Sloan, President of Sym-Tech Dealer Services, stated, “For over 20 years SSQ Dealer Services has delivered strong F&I performance to dealers, centred on customer service, growth and profitability. With the strong team at SSQ Dealer Services and Sym-Tech’s comprehensive F&I offerings and services, this transaction will accelerate our growth in the strategic market of Quebec. I look forward to welcoming the SSQ Dealer Services team to Sym-Tech.”
The transaction will be formalised once all the steps of the transactional process have been completed. Until then, there will be no change in the activities of SSQ Dealer Services.
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.
About Sym-Tech Dealer Services
Sym-Tech Dealer Services is a Canadian leader in financing and insurance services for the automotive industry, offering business solutions and a full range of products and training to dealers, groups and original equipment manufacturers. For over 50 years, Sym-Tech has offered a turnkey approach with a customer-centric sales process to deliver dealer and OEM partners with performance-based solutions. Sym-Tech is a subsidiary of Amynta Group, a leading insurance services provider of a full range of warranty protection and property and casualty products and services. For more information, visit sym-tech.ca.