Canada based financial services group Manulife Financial has acquired Benesure Canada, a third party administrator and distributor of life and disability creditor insurance services for mortgage brokers, in an undisclosed deal.
Following the closing of the transaction expected in the fourth quarter of 2012, the acquirer will become Canada’s largest provider of creditor insurance.
Manulife Affinity Markets senior vice-president and general manager Gavin Robinson said, "The combined expertise and capabilities of the two organizations will also enable us to leverage other areas of our business and provide additional distribution opportunities for other products."
As business partners for many years, Manulife Affinity offers product, pricing and underwriting expertise whereas Benesure administers and distributes mortgage protection plan and credit security plan products in the country.
The company said that the latest acquisition complements its other transactions including Pottruff & Smith Travel Insurance Brokers in 2009; and the acquisition of Wellington West Financial Services in 2012.
Benesure Canada provides insurance under the brand names of Mortgage Protection Plan and Credit Security Plan distributed through mortgage brokers and non-bank lenders.
The acquirer trades in Asia, Canada and the US and offers financial protection and wealth management products and services to millions of clients.