On January 21, 2025, Beneva, Canada’s largest mutual insurer, announced its merger with Gore Mutual, one of the country’s oldest property and casualty insurers, to drive future growth and strengthen their market presence. The combined entity will operate under the Beneva brand, with Gore Mutual functioning as a standalone subsidiary alongside Beneva’s Unica Insurance. The merger will create a major player with over 6,100 employees, 3.8 million members and customers, nearly $8 billion in total premiums, and $27 billion in assets. Post-merger, Beneva will solidify its position as Canada’s seventh-largest insurer and the 10th-largest property and casualty insurer nationwide.

The transaction, expected to close in 2026 pending regulatory and mutual member approvals, will enhance investment in technology, customer experience, and product offerings while preserving Gore Mutual’s 180-year heritage. The deal also secures Beneva’s influence as the largest mutual insurance model in Canada.

Norton Rose Fulbright advised Beneva in this deal.