Norton Rose Fulbright Advises Beneva on Major Canadian Insurance Merger.

Norton Rose Fulbright is providing expert counsel to Beneva on its significant merger with Gore Mutual, a key development in the Canadian insurance sector. The merger, which combines Beneva, Canada's largest mutual insurer, with one of the country's oldest property and casualty mutual insurers, marks a pivotal moment in the industry.

Beneva and Gore Mutual will merge under the Beneva brand, which will strengthen their highly diversified, purpose-driven, and financially sound businesses. This merger offers both brokers and Canadian consumers a stronger and more resilient option in the property and casualty insurance market.

Together, the combined operations will have over 6,100 employees and 3.8 million members and customers. With close to $8 billion in total premiums and $27 billion in assets, the merger will solidify Beneva’s position as the seventh-largest insurer in Canada by total premium. Following the integration with Gore Mutual, Beneva will become the 10th largest property and casualty insurer in Canada and maintain its position as the third largest in Quebec.

The transaction will see Gore Mutual integrate its operations with Unica Insurance, a subsidiary of Beneva, under the Beneva brand. While the merger is expected to be finalised in 2026, several key steps remain, including securing approvals from mutual members, regulatory bodies, the Competition Bureau, and the passage of private bills in the Canadian Senate and the Quebec National Assembly.

Jean-François Chalifoux, President and CEO of Beneva, highlighted the strategic importance of the deal, stating, “With this merger, we are strengthening Beneva’s position as the largest leading Canadian insurer with a mutual model, seizing a unique opportunity to ensure that mutuals remain a driving force in the Canadian insurance industry. A Beneva-Gore Mutual merger makes business sense and is the right move for our members, employees, and our communities, as the values are aligned and cultures are highly compatible, thanks to both companies’ commitment to the mutual model. This merger will enable us to accelerate our growth across Canada, and better diversify our insurance portfolio.”

Andy Taylor, President and CEO of Gore Mutual, also emphasised the benefits of the merger, noting, “By joining forces, we will be an even more prominent, competitive player in Canada's insurance industry. This will enable us to accelerate our growth and foster the long-term future of our organizations with combined scale, diversification, and access to capital. Beneva recognizes and respects our important legacy and role in the Cambridge, Ontario community and the combined entity will remain deeply committed to contributing to the local area, as well as a top employer in the region.”

The multi-disciplinary team advising Beneva is led by Jérôme Landry and Pier-Olivier Poisson, alongside a broad group of experts -  Pierre Déry (Corporate governance), Carl Boulva, Gabriel Thivierge, Bernard Boisclair, Cédric Delisle, Étienne Tanguay, Charles Lambert, William Leduc, Mathieu Thivierge and Pierre-Alexandre Mailhot (M&A Montréal, Québec), Eric Reither (M&A Ontario), Jason McFarlane and Jérémie Moisan-De Serres (Regulation and investigations), Chris Hersh and Roxanne Caron (Antitrust and competition), Antoine Desroches (Tax), Jérémie Wyatt and Marilou Bouthiette (Cybersecurity and data privacy), Oliver Moore (Real estate), Andrew Schafer, Jordan Kirkness and Arianne Kent (Employment and labour), Nikita Stepin (IP). The transaction underscores Norton Rose Fulbright’s expertise in financial regulatory and M&A issues within the insurance sector.

Norton Rose Fulbright is a leading global law firm with more than 3,000 lawyers advising clients across over 50 locations worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney, and Johannesburg. Established in 1794, the firm provides expertise in sectors such as financial services, energy, and technology. Known for its work in corporate transactions, dispute resolution, and regulatory matters, it serves multinational clients, including corporations, government entities, and financial institutions. The firm is committed to diversity, inclusion, and pro bono work, with a focus on industries essential to the global economy, covering regions such as Europe, the United States, Canada, Latin America, Asia, Australia, Africa, and the Middle East.

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