The combined entity will feature a workforce of over 6,100 employees and serve 3.8 million members and customers. With nearly $8 billion in total premiums and $27 billion in assets, the merger will position Beneva as the seventh-largest insurer in Canada by total premiums. Additionally, it will make Beneva the 10th-largest property and casualty insurer nationwide, while maintaining its status as the third-largest property and casualty insurer in Quebec.

Jean-François Chalifoux, President and CEO of Beneva, emphasised the strategic importance of the merger, stating that it strengthens Beneva’s position as the largest leading Canadian insurer with a mutual model. He noted, “This merger will enable us to accelerate our growth across Canada and better diversify our insurance portfolio,” adding that the aligned values and compatible cultures of the two companies make this a logical move for members, employees, and communities alike.

As part of the agreement, Gore Mutual will integrate its operations with Unica Insurance, a Beneva subsidiary specialising in niche personal and commercial insurance. Unica, based in Mississauga, Ontario, will operate as a standalone subsidiary under the Beneva brand. Andy Taylor, President and CEO of Gore Mutual, highlighted the benefits of uniting the two organisations, saying, “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 organisations with combined scale, diversification, and access to capital.”

Taylor also acknowledged the legacy and community role of Gore Mutual, particularly in Cambridge, Ontario, affirming that the combined entity will remain committed to contributing to the local area and serving as a top employer in the region. The merger is expected to be finalised in 2026, marking a significant step in consolidating mutual insurance’s role as a driving force in Canada’s insurance industry.