Becomes Canada's largest provider of mortgage insurance solutions for mortgage
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
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
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
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
Media Contact: Jana Miller Manulife Financial 519-594-4597
SOURCE: Manulife Financial Corporation
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CO: Manulife Financial Corporation
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-0- Jan/04/2013 15:30 GMT
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