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SSQ Life Insurance Co. Inc. and la Capitale Insurance and Financial Services are combining their operations.

The two companies have similar sized and complementary operations, with SSQ Insurance handling group insurance and la Capitale dealing with property and casualty insurance, noted a press release. The combined company’s assets under management are expected to exceed $20 billion.

Read: SSQ partners with Haleo, MindBeacon on digital CBT

“We’re delighted to combine our strengths and work as a team to create the biggest insurance mutual in Canada,” said Jean-François Chalifoux, chief executive officer of SSQ Insurance, in the release. “Together, we’ll be better able to meet current challenges of standing competitive and versatile, developing our workforce and keeping up with technology.”

Chalifoux will remain in the top job at the new merged company, while Jean St-Gelais, la Capitale’s chief executive and board chair, will serve as the chair of the board of directors. The company’s headquarters will remain in Quebec City, Que.

The merger is subject to approval from regulators and mutual policyholders.

Read: SSQ partners with Allianz Global Benefits

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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