Birth of the largest mutual insurance company in the country with La Capitale/SSQ Insurance merger of equals
Quebec City, July 3, 2020 – La Capitale and SSQ Insurance are pleased to announce that their merger of equals is now official, creating the largest mutual insurance company in Canada with over 3.5 million members and clients.
The name of the new company will be announced in the fall and integration will take place gradually. For the time being, nothing is changing for members, clients and business partners. All agreements are being maintained.
The company is built on a solid foundation: 4,700 committed employees, well-established mutualist values, sound finances, and diversified expertise. Assets under management total more than $20 billion, and premiums tally at $5 billion. Its head office will remain in Quebec City.
The new company is now the 1st group insurer in Quebec and 4th in Canada, as well as the 4th largest personal insurer in Quebec and the 6th largest in Canada. In general insurance, it ranks 3rd in Quebec and 13th in Canada. It also holds an enviable position in savings, ranking 7th in Canada in segregated funds.
Experienced, well-balanced management team
The new company is also announcing its management team. Jean-François Chalifoux, former CEO of SSQ Insurance, becomes President and CEO of the new company, whereas Jean St-Gelais, former Chairman of the Board and Chief Executive Officer of La Capitale, has been named Chairman of the Board of Directors. He will also lead the Integration Steering Committee.
The following people have joined the management team:
- Pierre Marc Bellavance is appointed Executive Vice President and Leader, Legal Affairs, Compliance and Corporate Secretary. He served as Vice President, Legal Affairs and Corporate Secretary at La Capitale.
- Patrick Cyr is appointed Executive Vice President, Integration and Leader. He was Senior Vice President, Finance at SSQ Insurance.
- Catherine Desgagnés-Belzil is appointed Executive Vice President and Leader, Business Performance and Information Technology. She was previously Associate Secretary of the Treasury Board and Chief Information Officer for the Quebec government.
- Christian Fournier is appointed Executive Vice President and Leader, Property and Casualty Insurance. He was Senior Executive Vice President and Chief Operating Officer at La Capitale General Insurance.
- Mélissa Gilbert is appointed Executive Vice President and Leader, Finance. She was Executive Vice President, Finance, Corporate Actuarial and Risk Management at La Capitale.
- Stéphane Morency is appointed Executive Vice President and Leader, Strategy, Customer Experience and Marketing. He was previously Senior Vice President, Strategy, Marketing and Client Experience within a major insurance and financial services group.
- Lara Nourcy is appointed Executive Vice President and Leader, Individual Insurance and Financial Services. She was Vice President, Customer Experience, Partners and Operations Management at La Capitale.
- Martin Robert is appointed Executive Vice President and Leader, Talent, Culture and Communication. He was previously Vice President, Talent, Culture and Communication at SSQ Insurance.
- Éric Trudel has been appointed Executive Vice President and Leader, Group Insurance. He previously served as Senior Vice President, Strategy and Product Management at SSQ Insurance.
The merger of equals between La Capitale and SSQ Insurance was presented to members last January and has since gone through the various regulatory stages.
“We are very proud to make this merger of equals official today. Our new company has given itself the means to grow and make its mark in a fast-changing industry. We are now a major player across the country. We’ve opened an exciting new chapter for our 4,700 employees, who now make up the largest mutual insurance company in Canada.”
- Jean-François Chalifoux, President and CEO, La Capitale/SSQ Insurance