Becomes Canada's largest provider of mortgage insurance solutions for mortgage brokers
WATERLOO, ON, Jan. 4, 2013 /CNW/ - Manulife Financial today is pleased to announce that it has completed its previously announced acquisition of Benesure Canada Inc., Canada's leading third party administrator and distributor of life and disability insurance solutions to the mortgage broker marketplace.
With the announcement of this transaction, Manulife Affinity Markets becomes Canada's largest provider of mortgage insurance solutions for mortgage brokers, with revenue premiums in excess of $65 million from more than 170,000 Benesure Canada Inc. clients.
"Strategically, this transaction positions us well for growth in a highly-stable, key Canadian market, enabling us to serve even more Canadians and meet their broad range of insurance needs", said Wally Thompson, Vice-President, Client Relations and Business Development, Manulife Affinity Markets. "We look forward to continuing to deliver excellent solutions to both the mortgage industry and Canadian borrowers and to further building a leadership position in the mortgage creditor marketplace, particularly among mortgage brokers."
This latest acquisition announcement complements other Manulife Financial transactions including Pottruff & Smith Travel Insurance Brokers Inc. (2009) and, most recently, the acquisition of Wellington West Financial Services Inc. (2012). Financial terms of the deal were not disclosed.
About Benesure Canada Inc.
Benesure Canada Inc. provides mortgage life and disability insurance under the brand names of Mortgage Protection Plan and Credit Security Plan distributed through mortgage brokers and non-bank lenders. Its insurance distribution arm, Credit Security Insurance Agency Inc., operates in all provinces. The organization, which employs more than 50 people including regional representatives across Canada, is located in Kleinburg, Ontario.
About Manulife Financial
Manulife Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Clients look to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Funds under management by Manulife Financial and its subsidiaries were C$515 billion (US$523 billion) as at September 30, 2012. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife Financial can be found on the Internet at manulife.com.
SOURCE: Manulife Financial Corporation
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