C$ unless otherwise stated
TORONTO, Sept. 9, 2013 /CNW/ - Manulife Financial has implemented its previously announced travel insurance business arrangements with RBC Insurance Company of Canada ("RBC Insurance").
Under these arrangements, Manulife has agreed to reinsure the travel coverage sold by RBC Insurance through travel agencies. These arrangements include the transfer of sales and distribution support for the travel agency business from RBC Insurance to Manulife.
In addition, participating travel agencies will be offered the opportunity to renew their agency agreements with Manulife upon the expiration of their current contracts with RBC Insurance. RBC Insurance will continue to be the insurance provider for the travel agencies until the expiration of the current travel agency contracts.
"With the implementation of the transaction now complete, our focus is the continued delivery of outstanding service and sales support to those travel agents selling RBC Insurance's line of travel insurance," said Brian Gooding, Senior Vice President and General Manager, Affinity Markets, Manulife Financial. "The travel agency channel is an important part of our growth strategy and we have a tremendous opportunity to develop strong partnerships and build on our leading market position."
This latest arrangement will complement Manulife Financial's current strategy to broaden its presence in the travel insurance market. In a 2009 transaction, Manulife assumed the business of PS Travel Insurance Brokers Inc.
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$567 billion (US$539 billion) as at June 30, 2013. 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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