SSQ Insurance (French: SSQ Assurance), is a mutual diversified financial institution founded in 1944 in Quebec, Canada, which offers insurance and investment products.
Beneva is headquartered in Quebec City, with offices in Longueuil, Calgary, Halifax, Vancouver and Toronto.
The organization, which serves over three million customers and employs 2,000 employees, is one of the major insurance companies in Canada. SSQ Insurance is also one of the 500 largest companies in Quebec, ranking 79th in 2018.
With a business volume approaching $3 billion and $11 billion in assets under management, Beneva is one of the 10 Canadian co-operatives present in the ranking of the most prominent coops worldwide.
As a result of the merger with La Capitale Insurance in January 2020, the company was rebranded as Beneva. The announcement was made on December 3, 2020.
History
1940-1948: putting down roots
At the beginning of the 1940s, Dr. Jacques Tremblay out of concern for social justice took up the cause of Quebec City's working class, who could not afford adequate medical care. There was no public medical plan. On May 9, 1944, Dr. Tremblay founded the Coopérative de santé du Québec, which provided needed medical care to members. In 1945, the cooperative changed its name to Les Services de Santé du Québec, hence inspiration for the later SSQ.
1949-1960: a new vocation
Starting in the 1950s, the cooperative shifted its focus towards business development and customer service. Contributions would be based on each group's risk profile, and sales agents positioned themselves as advisors. As early as 1955, to diversify its products and pursue its growth objectives, the cooperative changed status to become a mutual aid company specialized in group insurance. The company expanded its customer and geographical base at the start of the 1950s, offering new products such as life insurance and disability insurance.
1961-1973: Quebec society undergoing change
In 1961, further to the implementation of the public hospital insurance plan, SSQ adjusted by offering services not covered by the plan and innovated by providing coverage for private and semi-private hospital rooms, surgery fees and extended coverage for doctor's visits. SSQ added disability insurance in 1963. At the end of the 1960s, its products and services were diversified to meet the public's needs: additional annuity plans; dental, vision and chiropractic care; and prescription drug insurance. In 1969, SSQ moved its head office to Boulevard Laurier in Quebec City. The introduction of health insurance in 1970 represented both a significant advance for society and a new challenge for SSQ.
1974-1985: growth and democracy
In 1974, the Act Respecting Insurance changed SSQ's status, turning it into a mutual life insurance company. At the end of the 1970s, regional assemblies were set up, and regional delegates were elected to represent their groups at the annual general meeting. The company's assets topped the $100 million mark in 1979. In addition to launching mortgage loans, SSQ also created a real estate subsidiary in 1982.
1986-1995: general insurance and restructuring
By member request, a general insurance subsidiary was created in 1986. In 1991, SSQ Mutual was split in two to create SSQ, Mutual Management Corporation and SSQ, Life Insurance Company Inc. In 1992, following the global real estate crisis and significant losses, the Fonds de solidarité FTQ became SSQ's principal shareholder, helping the company to quickly get back on its feet.
1996-2002: prescription drug insurance and Canadian debut
The introduction of the mixed public and private plan in 1997 profoundly changed this sector of the insurance market. In 2000, SSQ signed an agreement with its first panCanadian group. To reflect its sustained growth and broadening scope, the company changed its name to SSQ Financial Group in 2001, and the Canadian venture continued with new offices opening in Toronto in 2002.