A.M. Best assigns credit ratings to Unica and L’Unique, subsidiaries of Beneva
Quebec City, February 25, 2022—The international rating agency A.M. Best Co., which specializes in the insurance sector, has granted the Financial Strength rating "A (excellent)," as well as the Issuer Credit rating "a", to Unica Insurance Inc. (Unica) and L’Unique General Insurance Inc. (L’Unique), both subsidiaries of Beneva Group Inc. (Beneva), the company created by the joining together of La Capitale and SSQ Insurance. The outlook for these two ratings is stable.
They are the first ratings for these two subsidiaries of Beneva. These ratings demonstrate the financial strength and quality of the two companies’ operational performance in dealing with their partners and clients.
"We are very pleased with the excellent initial ratings from A.M. Best. This is an important milestone that confirms the financial strength of these two companies. These ratings are part of our Beneva-wide growth plan. In early 2022, Unica has exceeded $160 million in premiums written while L’Unique General Insurance crossed the $500 million mark in premiums written," said Yves Gagnon, Chief Operating Officer of Unica and L’Unique.
Note that SSQ, Life Insurance Company Inc., another subsidiary of Beneva, also has a Financial Strength rating of "A (excellent)", as well as an Issuer Credit rating of "a" from A.M. Best. Both of these ratings are also accompanied by a stable outlook. Obtaining A.M. Best ratings for Unica and L’Unique marks another milestone in Beneva’s development as a leading player in the Canadian insurance industry.
For more information about A.M. Best, see ambest.com.
About Unica Insurance
Founded in 1955, Unica Insurance provides innovative niche Commercial and Personal Insurance solutions to protect VIP clients’ homes, vehicles and businesses. Delivering best-in-class insurance protection backed by a renowned claims experience, Unica allows its customers to safeguard their hard-earned assets and protect their momentum. Unica is a subsidiary of La Capitale General Insurance, one of the largest property & casualty insurers in Canada. Our products are delivered exclusively through a network of select professional insurance brokers across Ontario. For more information, visit unicainsurance.com or follow us @unicainsurance.
About L'Unique General Insurance
L’Unique was founded in 1978. Since 2004, it has been a member of the La Capitale Group (since combined with SSQ Insurance to form Beneva). With its extensive network of independent brokers, L’Unique distributes a complete line of damage insurance and surety bond products. Thanks to its in-depth knowledge of the Quebec market, L’Unique offers brokers in the province products and tools that meet their needs in order to guarantee the quality of service offered to policyholders.
Created by the coming together of La Capitale and SSQ Insurance, Beneva is the largest insurance mutual in Canada with more than 3.5 million members and clients. Beneva employs over 5,000 dedicated employees: people looking out for people. Its human approach is rooted in mutualist values that are shared by its employees. With $25 billion in assets, Beneva positions itself as a major player in the insurance and financial services industry. Its head office is in Quebec City. For more information, visit beneva.ca
Policyholders of contracts issued by an insurance company of Beneva Group Inc. are members of SSQ Mutual and La Capitale Civil Service Mutual.