QUEBEC CITY, June 3, 2020 /CNW Telbec/ - 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 biggest insurance mutual in Canada. Following the completion of this step, the new company should come into existence on July 1st.
Only the authorizations of the Autorité des marchés financiers 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 last March.
For now, nothing is changing for clients and employees. A transition committee with representatives from each company is already working to ensure the merger of equals goes smoothly. 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 company with nationwide reach and a head office that will remain in Quebec City for the long term. The name of the new company will be announced in the next few months.
The company will build on a solid foundation of skilled employees, strong mutualist values, sound finances, and a broad range of expertise. Combined assets under management for the new company will total more than $20 billion, and consolidated premiums will be worth $5 billion.
Once the new entity is in place, M. Jean St-Gelais will serve as Chair of the Board of Directors and M. Jean-François Chalifoux as CEO.
"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."
CEO of SSQ Insurance
"Our merger of equals will become official on July 1st, 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 biggest 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 right here, in Quebec City."
Chair of the Board of Directors and Chief Executive, 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 3 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.
SOURCE La Capitale Insurance and Financial Services
These press releases may also interest you