AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" of SSQ, Life Insurance Company Inc. (SSQ) (Quebec, Canada) remain unchanged following SSQ’s recent announcement of its merger with La Capitale Insurance & Financial Services Inc. (La Capitale).
On Jan. 29, 2020, SSQ announced its decision to combine operations with La Capitale, a mutual insurer offering group, auto, home, life, and other coverages with a strong presence across Quebec. The new entity will be the largest mutual insurance company in Canada with approximately 4,700 employees, and more than 3.5 million members and clients. La Capitale and SSQ hope to realize operational efficiencies being mutual of a similar size and competing in the same geographic region. Combined assets under management for the newly created entity will total more than $20 billion CAD, and consolidated premiums will be worth approximately $5 billion CAD. No immediate changes will be made to either company’s operations, as regulatory and mutualist member approval is still required. The name and image of the new company are yet to be determined and once the business is in place, Jean St-Gelais, current chair of the board (COB) and chief executive of La Capitale, is expected to serve as COB of directors, and Jean-Francois Chalifoux, current CEO of SSQ, is expected to serve as CEO.
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