Closed deals alter Canada’s P&C insurance industry in 2026

Canada’s property and casualty insurance industry is ringing in the New Year with the formal close of two M&A deals that fundamentally re-shape the industry’s composition.

In the publicly traded space, Definity Financial Corporation has completed its $3.3-billion acquisition of the personal insurance business and the majority of the commercial insurance business — excluding the surety business — of the Canadian operations of The Travelers Companies Inc.

That acquisition, announced in May, increases Definity’s premiums by about 30% (or $1 billion annually), moving Definity into the Top 5 in Canada.

In 2024, Definity reported more than $4.25 billion in total insurance revenue (TIR), according to MSA Research data published in Canadian Underwriter’s 2025 Stats Guide. That put its 2024 market share at 4.08%, ranking seventh in Canada.

Travelers Canada had more than $1.7 billion in TIR in 2024 (a 1.6% market share), ranking it 14^th among Canadian P&C insurers.  

Rowan Saunders, president and CEO of Definity, told investors in Toronto last September that retention of talent and the Travelers Canada business will be the measure of the deal’s success.

“Today marks a new era for Definity as we complete this milestone acquisition,” Saunders said Jan. 2. “We extend a warm welcome to our new colleagues and remain deeply committed to delivering a positive experience for our customers and valued broker partners. Together, we will continue building a Canadian champion.”

Related: How to tell if the Definity-Travelers deal is successful

On the mutual side, Beneva and Gore Mutual officially completed their merger as of Jan. 1, 2026.

Over the next year, Gore will combine its operations with Unica, an Ontario-based subsidiary of Beneva, and will eventually operate as a standalone subsidiary under the Beneva brand. Until then, both Gore and Unica will operate as two separate businesses.

Previously the president and CEO of Gore Mutual, Andy Taylor is now the executive vice president and leader of P&C Ontario and West at Beneva, with overall accountability for Gore and Unica.

Beneva brought in more than $2.55 billion TIR in 2024, according to MSA Research data, for an overall market share of 2.45% (11^th in Canada). Gore, meanwhile, reported more than $689 million in 2024, for an overall market share of 0.66% (27^th in Canada).

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The acquisition would make Beneva a Top 10 P&C insurer in Canada.

“This merger is a major step forward for Beneva,” Jean-François Chalifoux, president and CEO of Beneva, says of the deal. “It supports our growth ambition and positions us to expand across the country.

“We are thrilled to welcome Andy Taylor to our executive management committee and to bring Gore’s talented employees into the Beneva team. This achievement reflects the tremendous effort of everyone across Beneva, Gore and Unica, who worked together to bring this vision to life.

“Together, we will build a stronger future for our [mutual] members.”

David Gambrill

David has twice served as Canadian Underwriter’s senior editor, both from 2005 to 2012, and again from 2017 to the present.