WATERLOO, ON, Oct. 24, 2012 /CNW/ – Manulife Financial announced today that it has purchased Benesure Canada Inc., Canada’s leading third party administrator and distributor of life and disability creditor insurance solutions to the mortgage broker marketplace.
With the announcement of this transaction, Manulife Affinity Markets becomes Canada’s largest provider of creditor insurance solutions for mortgage brokers, currently earning premiums in excess of $65 million from more than 170,000 Benesure Canada Inc. clients.
“Strategically, this is an important purchase for Manulife,” said Gavin Robinson, Senior Vice-President and General Manager of Manulife Affinity Markets. “With this acquisition we are well positioned to serve even more Canadians and meet their broad range of insurance needs. Establishing a leadership position in the mortgage creditor insurance marketplace and expanding our reach among mortgage brokers represents an opportunity for growth in a highly-stable, key Canadian market. 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.”