La Capitale has been a major player in the Canadian insurance market for a long time. The company was founded in 1940 and has been growing steadily ever since.
La Capitale's expansion in Canada is a testament to its commitment to providing quality services to its customers. With a presence in over 1,300 communities across the country, the company has become a household name.
From its humble beginnings to its current status as a leading insurance provider, La Capitale has come a long way. The company now has a workforce of over 3,000 employees, who are dedicated to serving its customers.
La Capitale's success in Canada can be attributed to its focus on innovation and customer satisfaction. The company has implemented various initiatives to improve its services and stay ahead of the competition.
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Company Overview
La Capitale is a Canadian insurance company that was founded in 1940. It's headquartered in Quebec, Canada.
La Capitale has a long history of providing insurance products to individuals and businesses in Quebec and other parts of Canada.
The company is a mutual insurance company, meaning it's owned by its policyholders. This structure allows La Capitale to focus on serving its customers rather than maximizing profits for external shareholders.
La Capitale has over 1,300 employees and operates in several provinces across Canada.
Expansion and Growth
La Capitale has a long history of expansion and growth, with a significant milestone being the construction of its new headquarters building in Parliament Hill, Quebec City, which was completed in 2013.
The new building serves as the head office for La Capitale and all of its subsidiaries, housing approximately 3,000 staff members as of 2013.
This move marked a significant step forward for the company, allowing it to consolidate its operations and better serve its customers and stakeholders.
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History
La Capitale's history dates back to 1940 when it was formed as a mutual fund by state employees from Parliament Hill in Quebec who wanted to secure a way to pay for their funeral expenses.
The organization, initially known as la Mutuelle des Employés civils, issued its first life insurance policies in 1947 and opened its first office in Montreal, Quebec.
La Capitale started by only offering insurance products to state employees, but in 1954, the Quebec Liquor Commission became the first business to hold a group insurance contract with the organization.
The creation of La Capitale General Insurance in 1976 marked a significant milestone in the company's history, as it expanded its offerings to the general public.
Here are some key events in La Capitale's history:
- 1940: La Capitale was formed as a mutual fund by state employees from Parliament Hill in Quebec.
- 1947: La Capitale issued its first life insurance policies and opened its first office in Montreal, Quebec.
- 1954: The Quebec Liquor Commission became the first business to hold a group insurance contract with La Capitale.
- 1976: La Capitale General Insurance was formed, expanding La Capitale's offerings to the general public.
Expansion of Headquarters
La Capitale's head office was relocated from Parliament Hill in Quebec City to a new building in the same location in 2013. This move marked a significant expansion for the company.
The new headquarters building was completed in 2013 and served as the new head offices for La Capitale and all of its subsidiaries. The building is located at the corner of Saint-Amable and De La Chevrotière.
The inauguration of the new headquarters was attended by Premier Pauline Marois, Minister of Finance and Economy Nicolas Marceau, and Quebec City's mayor Régis Labeaume. This event marked a major milestone for La Capitale.
As of 2013, La Capitale employs approximately 3,000 staff members at this head office in Quebec.
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Expansion into Ontario
La Capitale's expansion into Ontario was a strategic move to tap into new revenue streams.
In 2008, the company recognized the Quebec market was saturated, prompting them to initiate a project to enter the Ontario market.
La Capitale's growth project had two fronts: developing property and casualty insurance in Ontario, and strengthening the presence of L'Unique General Insurance in Quebec.
The company acquired York Fire & Casualty Insurance Co. in 2008, expanding its business in Ontario and Alberta.
La Capitale had already made inroads in Ontario prior to this acquisition, with the purchase of Penncorp Life Insurance Co. in 2006.
As part of its expansion, La Capitale Financial Group acquired the AGA Financial Group in 2005, a move that positioned the company for further growth outside of Quebec.
By 2016, La Capitale had more than doubled its business done outside of Quebec, a testament to the success of its expansion strategy.
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Compare Competitors
When it comes to expansion and growth, it's essential to understand the competitive landscape. La Capitale's competitors offer a range of insurance and financial services.
Yingda Taihe Life Insurance, founded in 2007, operates in the insurance and financial services sector with products such as individual and group insurance policies, investment products, and retirement savings products.
GreenShield, on the other hand, was founded in 1957 and serves individuals and organizations with health and benefits services including insurance coverage, benefits administration, and health services like mental health and telemedicine.
Desjardins Insurance provides life insurance, health insurance, and retirement savings solutions in the financial services sector, serving both individual and corporate clients.
Equitable Life of Canada, a mutual company founded in 1920, offers individual insurance products, group benefits solutions, and savings and retirement plans to individuals, independent advisors, and businesses.
The oldest competitor in the group is Equitable Life of Canada, which has been around for over 100 years, while the youngest is Yingda Taihe Life Insurance, which was founded just over 15 years ago.
La Capitale's competitors have a strong presence in the insurance and financial services sector, with a combined history of over 200 years of experience.
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Company Structure and Partnerships
La Capitale's company structure is a network of independent insurance advisors and brokers who work together to provide insurance and financial services. They have over 2,000 advisors across Quebec.
La Capitale has a partnership with the Fédération des caisses d'épargne et de crédit du Québec, which is a large financial cooperative. This partnership allows La Capitale to access a large network of financial advisors and expand its services.
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Company Structure
La Capitale has a diverse range of divisions, each focusing on a specific line of business. They offer a variety of financial products and services, making it a one-stop-shop for customers.
La Capitale Civil Service Insurer is a key player in this, providing financial products to Quebec's public service staff. This division is a vital part of the company's operations.
La Capitale General Insurance is a subsidiary that has been providing property and casualty insurance for over seventy years. It's a testament to the company's commitment to stability and expertise.
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The company's structure is further divided into several subsidiaries, each with its own unique focus. For example, La Capitale Insurance and Financial Services offers group insurance products to the private and public sectors.
Here are the main divisions within La Capitale:
- La Capitale Civil Service Insurer
- La Capitale General Insurance
- La Capitale Insurance and Financial Services
- L'Unique General Insurance
- La Capitale Financial Services
- Unica Insurance
- La Capitale Financial Security
- La Capitale MFQ Real Estate Management
Each of these divisions plays a crucial role in the company's overall success. By focusing on specific areas, La Capitale is able to provide a wide range of services to its customers.
A Solid Partner
La Capitale is a solid partner for your insurance needs. They meet and surpass the solvency requirements set by the regulating authorities for Quebec-registered insurance companies.
This means they have a strong financial foundation, which is reassuring for anyone looking to partner with them. Their EMSFP ratio is an impressive 216%, demonstrating their ability to cover potential claims and maintain stability.
Having a solid partner like La Capitale provides peace of mind, knowing that they can handle any challenges that come their way. Their financial stability is a testament to their commitment to responsible business practices.
Regional Director of Financial Security Insurance Company
Todd Campbell is the Regional Director of La Capitale Financial Security Insurance Company. He oversees the regional operations of the company.
The company has a strong regional leadership, with experienced professionals like Todd Campbell at the helm.
Policies and Operations
La Capitale offers attractively priced long-term care policies, making them a great option for those planning for their future care needs.
They also provide Term 30 and Term 35 policies with level coverage or decreasing coverage, giving customers flexibility in their insurance options.
Unfortunately, La Capitale doesn't offer preferred rates on their term plans, which might be a drawback for some customers looking to save on their premiums.
Their product lineup is limited in that they don't have participating whole life policies, which might be a consideration for those seeking a more comprehensive coverage option.
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Policies
La Capitale Financial Group offers a range of policies, with over 1.5 million contracts and certificates in force. Their policies are designed to meet the diverse needs of their clients.
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One of the standout features of La Capitale's policies is their attractively priced long-term care policies. This makes them a great option for individuals looking for affordable coverage.
They also offer Term 30 and Term 35 policies with level coverage or decreasing coverage. This flexibility can be beneficial for clients with varying insurance needs.
However, it's worth noting that La Capitale does not offer preferred rates on their term plans. This means that clients may not be able to take advantage of lower premiums based on their individual circumstances.
Additionally, La Capitale does not offer participating whole life policies. This may be a drawback for clients looking for a more comprehensive life insurance option.
Here are some key facts about La Capitale's policies:
SSQ Insurance Combine Operations
SSQ Insurance has announced its intention to combine operations with La Capitale.
The combined entity will have a nationwide reach with a head office that will remain in Quebec City.
This move will create a new company with a solid foundation of skilled employees, strong mutualist values, sound finances, and a broad range of expertise.
The company will have a total of over $20 billion in assets under management.
Consolidated premiums will be worth $5 billion.
No changes will be made to either company's operations at this time.
Steps still need to be completed before the merger can be finalized, including approval from regulatory authorities and the mutualist members.
The merger will be finalized in the upcoming parliamentary session.
A process will be set up to decide on the name and image of the new company.
Jean St-Gelais will serve as Chair of the Board of Directors and Jean-François Chalifoux as CEO of the new company.
The combined entity will be the biggest insurance mutual in Canada.
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Where Is Financial Security Ins. Co. Based?
Financial Security Ins. Co. is actually based in the United States, but its parent company, La Capitale, is based in Quebec, Canada.
La Capitale has a significant presence in the Canadian insurance market, with a history dating back to 1940.
Its subsidiary, Financial Security Ins. Co., offers a range of insurance products, including life insurance and health insurance.
These products are designed to provide financial security to individuals and families in the United States.
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Frequently Asked Questions
What is the new name for La Capitale insurance?
La Capitale Financial Security is now known as Beneva inc. starting January 1, 2024.
Who is the CEO of La Capitale?
Kunal Puri is the CEO of La Capitale, a leading insurance and financial services company.
Sources
- https://en.wikipedia.org/wiki/La_Capitale_(company)
- https://lsminsurance.ca/canadian-life-insurance-companies/la-capitale
- https://www.newswire.ca/news-releases/la-capitale-and-ssq-insurance-announce-their-intention-to-combine-operations-868045607.html
- https://www.cbinsights.com/company/la-capitale-financial-group
- https://rocketreach.co/la-capitale-financial-security-insurance-company-profile_b5c419dbf42e0d82
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