SSQ Life Insurance Co. Inc. is partnering with Allianz Global Benefits to grow its group insurance business across Canada.
“This type of collaboration is a first for SSQ Insurance,” said Geneviève Fortier, senior vice-president of distribution at SSQ Insurance, in a news release. “By adding the expertise and global reach of Allianz Global Benefits to our service offer, we will be giving our current and future clients the advantages of international risk pooling.”
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International risk pooling enables employers that operate in multiple countries to pool the financial results of their different regional group insurance plans. Since Allianz Global Benefits is a member of the Allianz Group, which has 88 million clients globally, SSQ believes the partnership will put it in a strong position to provide group insurance to multinational organizations with subsidiaries in Canada.
In other industry news, Arthur J. Gallagher and Co., a global insurance brokerage and consulting firm, is acquiring Winnipeg-based firm Belton Boisselle Ltd., a group retirement, employee benefits and consultant operating primarily in Manitoba and Saskatchewan.
“Belton Boisselle Ltd. provides high-quality service and innovative solutions to local, national and multinational clients. Their combination of expertise and creativity has earned them an excellent reputation,” said J. Patrick Gallagher, Jr., chairman, president and chief executive officer of Arthur J. Gallagher and Co.
Read: Hub International acquires two more Canadian benefits, pension companies