Since beginning operations in January of this year, Beneva has received an “A” (outstanding) financial strength rating from AM Best, the rating agency’s first-ever credit rating for the company.
After combining La Capitale and SSQ Insurance, the Quebec-based insurance provider was born. Even after the merger, the combined operations of the two companies maintained the same “A” (outstanding) rating they had before.
AM Best also evaluated the insurance subsidiaries Beneva Insurance Company, L’Unique General Insurance, and Unica Insurance, and all three received “A” (outstanding) grades. There is no change anticipated for any of the credit ratings.
Beneva’s first rating is being hailed as “a significant step forward in the company’s development” by CEO Jean-François Chalifoux, according to a company press statement.
“AM Best’s ratings are further evidence that Beneva’s founding was sound,” he stated. That Beneva’s business strategy, financial results, and integration plan all measure up to the rating agency’s standards fills us with pride. This first-ever grade for Beneva marks a major turning point in the company’s history.
Chalifoux predicted that by 2020, Insurance Business Canada would be a joint venture between La Capitale and SSQ Insurance. Since “our nature, our values, and the way we conducted business” are so similar, he referred to the move as a “merger of equals.”
As of now, Beneva has more than 3.5 million members and consumers, making it the largest insurance cooperative in Canada. Additionally, it has $25.1 billion in assets and employs roughly 5,000 people.
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