October 1 2020
A.M. Best affirms credit ratings for SSQ, Life Insurance Company Inc.
For a second consecutive year, international credit rating agency A.M. Best Co., specialized in the insurance sector, has given SSQ, Life Insurance Company Inc. a financial strength rating of “A (excellent)” and issuer credit rating of “a”. The outlook for both ratings is stable.
The rating agency raised the company’s ratings in September 2019 and reconfirmed them in January 2020 following the announcement of the merger of equals of SSQ Insurance and La Capitale.
“Further to a rigorous analysis, A.M. Best has maintained the excellent credit ratings attributed to SSQ, Life Insurance Company Inc. We welcome this decision with tremendous pride. Not only has the company demonstrated its financial strength during the pandemic, but as well amidst the merger of operations of SSQ Insurance and La Capitale. We are proud to be a company that our members and clients can rely upon to plan and protect their financial security,” said La Capitale/SSQ Insurance President and Chief Executive Officer Jean-François Chalifoux.
SSQ Insurance's strong capitalization, solid and consistent earnings and leading position in Quebec’s group insurance sector were some of the reasons given by A.M. Best for its decision.
For more information about A.M. Best, please consult ambest.com.
About SSQ Insurance
Founded in 1944, SSQ Insurance is a mutualist company that puts community at the heart of insurance. With $13 billion in assets under management, SSQ Insurance is one of the largest insurers in Canada. Serving a community of over 3 million members and customers, SSQ Insurance employs 2,000 people. A leader in group insurance, the company also sets itself apart through its expertise in individual life and health insurance, general insurance and the investment sector.
The La Capitale/SSQ Insurance merger of equals was announced in January and made official in July 2020. The name of the new company will be unveiled in fall 2020 and a gradual integration of the two companies will follow.