La Capitale & SSQ Insurance rebrand as Beneva (1 Viewing)

Two of Canada's largest insurance/financial companies join forces to become one single entity, and that means they need a new name. That name is Beneva.ca.



I did some quick research and they apparently rank as the 7th and 8th biggest Canadian companies in their industry in 2021. Which rank will they take once they become one?

Read all about it:

October 7, 2021·3 min read
QUEBEC CITY, Oct. 7, 2021 /CNW Telbec/ - Born of La Capitale and SSQ Insurance, Beneva kicks off its inaugural ad campaign, while continuing with the integration of its operations. In fact, the transition of operations to Beneva will take place in January 2022 for La Capitale and in 2023 for SSQ Insurance. The combined operations of the two companies means that over 5,000 insurance and financial services specialists will pool their skills and talents to accelerate Beneva's growth across Canada.

[...]

About Us

Created by the coming together of La Capitale and SSQ Insurance, Beneva is the largest mutualist-based group of insurance companies with more than 3.5 million members and customers. 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 located in Quebec City. For more information, please consult beneva.ca.

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Link to full article: https://ca.finance.yahoo.com/news/beneva-continues-integration-launches-first-110000950.html

Thank you for sharing. It's that kind of the world now. Need to be a shark to survive.

Eby said:

Thank you for sharing. It's that kind of the world now. Need to be a shark to survive.

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Agreed.

Here's an interesting side note:

Looks like they're forgoing the .COM too, but they are purely Canadian I believe... and SSQ.ca never owned the .com either. La Capitale however owns both and use .com.

I figured they secured the .COM too when I first heard of it, especially as a giant financial company with a non-dictionary word as a brand, but turns out they don't.

Beneva.com has been owned and in use by a popular flower shop in Sarasota, Florida since 1996. Seems like they've been doing quite well for themselves, and I find it impressive they've been online since 1996. It's probably why they been "Voted #1 Florist in Sarasota 23 years in a row!".

Would throwing in a few millions change the scene? I feel it’s too late for that. As you said they were more local than international to begin with. I don’t see them changing that stance now. But who knows...

Beneva.ca



Wow, they have a nice bright website

Interesting.

I have some keyword type insurance domains, bought one from [notify]GeorgeK[/notify], remember that? Been many years since that transaction!

Anyone ever use Travelinsurance.ca ? Allianz has been using that domain for a few years now. I always type in the travelinsurance.ca domain name because I can never seem to remember the name Allianz!

rlm said:

I have some keyword type insurance domains, bought one from [notify]GeorgeK[/notify], remember that? Been many years since that transaction!

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I do remember, one of the few .ca domain names I've ever owned. I'm surprised a large insurer hasn't acquired it from you yet....

rlm said:

Interesting.
Anyone ever use Travelinsurance.ca ? Allianz has been using that domain for a few years now.

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carinsurance.ca is being used by the Gallagher Group..but I prefer yours. I am sure there must be good traffic on those domains.

The same way, terminsurance.ca is being used by a company out of Calgary but lifeinsurance.ca is still with our mutual friend.

GeorgeK said:

I do remember, one of the few .ca domain names I've ever owned.

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That was my first big domain purchase and it worked out really well for me, made back around 4x my investment in the following year on that domain.

Not sure if I ever told you about the full story of how I funded that purchase - or if you noticed what I did with it after. The story involves Radio Shack and their demise in Canada.

Eby said:

carinsurance.ca is being used by the Gallagher Group..but I prefer yours. I am sure there must be good traffic on those domains.

The same way, terminsurance.ca is being used by a company out of Calgary but lifeinsurance.ca is still with our mutual friend.

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Interesting, yeah, I haven't really looked into those sites lately, good to know some are in use though. I do know that catinsurance.ca is sort of in use (I sold it 5 years ago). It redirects to petsecure.com.

I've considered trying to buy that one from Wayne so I could package them, but never pulled the trigger on that (it would have been a pretty pricey buy).

rlm said:

The story involves Radio Shack and their demise in Canada.

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Wow.. you destroyed a company??? Whoa.. just kidding.
Happy to hear that you had some good multiples on the sale. We always love it. As for the one in my post, I don't think it is possible to pull it off from W, as he would want an end user price on it.

Eby said:

Wow.. you destroyed a company??? Whoa.. just kidding.
Happy to hear that you had some good multiples on the sale. We always love it. As for the one in my post, I don't think it is possible to pull it off from W, as he would want an end user price on it.

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I didn't sell that insurance name, I still own it. I made the profit while using it.

So no, Radio Shack self imploded here. But it was the company that took them over that led to me buying my good insurance domain.

So here's what happened. They announce radio shack is closing in Canada, sold to another company and the stores were being rebranded as "the source". Well guess who owned thesource, which was registered _many_ years prior?? Not me!! But I went and offered $5K for it on the spot and the owner sold it to me right away. Then I just sat and waited. Eventually they came knocking.

During negotiations, I was hesitant to put a price on it. At that point I wasn't used to negotiating big sales or how to really value it. But I had heard that [notify]GeorgeK[/notify] might be willing to sell a really nice insurance domain around the same time. So I just told them I didn't really want money, what I wanted was a very particular domain name in exchange. So if they paid his asking price, then they get the domain they wanted, and I get the domain I wanted - I wasn't going to negotiate anything else. They really couldn't fight that logic - and eventually paid it, and I then paid GK. So George is just now finding out that I effectively only paid $5K for his domain - and he got his full asking price.

Although it was probably worth much more to The Source, and I probably could have eventually got it, I did well enough with it that I had no regrets, especially for my first big time .ca purchase. It gave me the confidence to move forward and buy many many others, sometimes even in the 6 figure range for single .ca domains. That was one of the turning points in my domain investing career.

What a great story [notify]rlm[/notify] and [notify]GeorgeK[/notify], thank you for sharing.

rlm said:

So I just told them I didn't really want money, what I wanted was a very particular domain name in exchange. So if they paid his asking price, then they get the domain they wanted, and I get the domain I wanted - I wasn't going to negotiate anything else. They really couldn't fight that logic - and eventually paid it, and I then paid GK.

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Excellent story.

I've tried to do that strategy a few times in the past (have the buyer go out and buy me a certain domain name that I want), but it's never worked out, unfortunately. [they'd also have to include cash, to make things even, in order to account for the corporate taxes on the deal that I'd have to pay, triggered by the swap of domains]