Beneva and Gore Mutual to merge
Beneva, Canada’s largest mutual insurer, and Gore Mutual, one of the oldest property and casualty mutual insurers in Canada, are announcing their intention to combine their businesses to drive future growth.
Together, the combined operations will have over 6,100 employees and 3.8 million members and customers. With close to $8 billion of total premium and $27 billion of assets, the merger will consolidate Beneva’s ranking as the seventh largest insurer in Canada, by total premium. Upon combination with Gore Mutual, Beneva will become the 10th largest property and casualty insurer in Canada and continue to be the third largest property and casualty insurer in Quebec.
As part of this transaction, Gore Mutual will combine its operations with Unica Insurance, a Beneva subsidiary and a niche personal and commercial insurer based in Mississauga Ontario, and operate as a standalone subsidiary.
The merger is expected to be finalized in 2026.
Beneva and Gore Mutual will merge under the Beneva brand.
“With this merger, we are strengthening Beneva’s position as the largest leading Canadian insurer with a mutual model, seizing a unique opportunity to ensure that mutuals remain a driving force in the Canadian insurance industry. A Beneva-Gore Mutual merger makes business sense and is the right move for our members, employees, and our communities, as the values are aligned and cultures are highly compatible, thanks to both companies’ commitment to the mutual model. This merger will enable us to accelerate our growth across Canada, and better diversify our insurance portfolio.” – Jean-François Chalifoux, President and CEO of Beneva.
“By joining forces, we will be an even more prominent, competitive player in Canada’s insurance industry. This will enable us to accelerate our growth and foster the long-term future of our organizations with combined scale, diversification, and access to capital. Beneva recognizes and respects our important legacy and role in the Cambridge, Ontario community and the combined entity will remain deeply committed to contributing to the local area, as well as a top employer in the region.” – Andy Taylor, President and CEO of Gore Mutual.
