Manulife acquires Benesure Canada

Manulife Financial has purchased Benesure Canada, a distributor of life and disability creditor insurance solutions.

Manulife Affinity Markets is now Canada’s largest provider of creditor insurance solutions for mortgage brokers, earning premiums in excess of $65 million from more than 170,000 Benesure clients.

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“With this acquisition, we’re well positioned to serve Canadians and meet their broad range of insurance needs,” says Gavin Robinson, senior vice-president and general manager of Manulife Affinity Markets.

The two companies have been business partners for many years, with Manulife providing product, pricing and underwriting services, and Benesure administering and distributing mortgage protection and credit security plan products across the country.

This latest pending acquisition announcement complements other recent Manulife acquisitions, which includes Pottruff & Smith Travel Insurance Brokers in 2009 and Wellington West Financial Services this year.

Read: Manulife acquires Wellington West’s MFDA advisors

The transaction is expected to close in Q4 2012.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.