Back to blog
Posted by Martin Papillon, FSA, FCIA, MBA, September 9 2021
AGA Benefit Solutions and WBL Benefits+Actuarial merge and aim high!


AGA Benefit Solutions, the Quebec leader in developing and administering customized group insurance plans, is pleased to announce its merger with Wagner Bujold Leduc Benefits+Actuarial (WBL); a Quebec City company specializing in group insurance and actuarial services.

Thanks to WBL’s in-depth analysis experience and AGA’s innovative products and services, the merger ideally positions the company to explore new markets for expansion across Canada.
The two organizations share a clear vision, strong values, and an outstanding business sense.

A beneficial alliance to explore new markets

Pursuing their objective to explore new markets; Martin Papillon, President and CEO, and Chantal Dufresne, Senior Vice-President, Finance and Operations, continue to put in place power tools to stay ahead of the market and to serve a greater number of clients; the merger of AGA with WBL is a concrete example.

Indeed, this new entity will benefit from WBL's brokerage and in-depth analysis experience and AGA's exclusive and innovative products and services and will provide WBL's customers with AGA+PLUS, a service unique to AGA that provides simplified plan management, unparalleled flexibility, better control over drug costs and substantial economies of scale.

“The addition of WBL to our team puts us in an excellent position in our endeavour to explore new markets to expand into a very clear goal that we share with our business partner Novacap. Offering our exclusive products and services to a greater number of clients while leveraging WBL’s strength in its own market helps further our mission, which is to make group insurance and retirement plans more accessible and easier to manage,” said Martin Papillon, President and CEO of AGA Benefit Solutions.

‘’Thanks to this merger, WBL will be able to expand its service offering to clients in addition to gaining access to new markets. Our entire team will work together with our new AGA colleagues to develop the company and distinguish it in our current markets and well beyond,” said Alain Rivard, partner and CEO of WBL.

“At Novacap, we are passionate about companies that are guided by a strong vision and solid values, which is why we are delighted to see these two companies coming together today,” said Marcel Larochelle, Managing Partner at Novacap. “The combination of AGA and WBL will make them even stronger and cement their status as a key group-insurance provider at the national level. We look forward to supporting them throughout this process, leveraging our assistance and expertise to help them achieve their goals.”

A clear vision and solid values common to both entities

The two companies share a clear vision, strong values, and an outstanding business sense. WBL’s shareholders will remain shareholders and continue to exercise their leadership in the management of AGA, from the Quebec City office.

A leading position for AGA Benefit Solutions in Quebec

The merger brings the number of AGA Benefit Solutions employees to 130 and the number of existing clients to more than 1,600, reflecting AGA’s leading position in group insurance in Quebec.

With offices in Montreal and Quebec City, AGA Benefit Solutions is the Quebec leader in the development and administration of customized group insurance plans and specializes in group retirement plans. For more than 40 years, thanks to innovative tools and unmatched customer service, AGA Benefit Solutions has been supporting more than 65,000 members with the management and adjudication of their medical, dental, and other claims. To find out more, visit

About WBL Benefits+Actuarial

Far more than a broker, Wagner Bujold Leduc Benefits+Actuarial strives to become a partner in the human and financial growth of its clients. For over 30 years, the company has provided its clients with a team of group insurance brokers and seasoned actuaries to negotiate plans with insurers that meet their exact needs. These years of experience have inspired the organization to go from a brokerage vision to an actuarial vision premised on in-depth analysis and services that exceed expectations. To find out more, visit

About Novacap

Founded in 1981, Novacap is a leading Canadian private equity firm with CA$8 billion of AUM that has invested in more than 100 companies and completed more than 150 add-on acquisitions. Applying its sector-focused approach since 2007 in TMT, Industries and now Financial Services, Novacap’s deep domain expertise can accelerate company growth and create long-term value.

Martin Papillon is a Fellow of the Canadian Institute of Actuaries and holds an MBA from HEC Montréal. Throughout his career, he has been working in the group insurance and retirement sector. Before joining AGA in 2013, he held advisory and senior management positions with world-class consulting actuarial firms.
Martin Papillon, FSA, FCIA, MBA