Manulife Financial Corporation (TSX/NYSE/PSE: MFC; SEHK: 945) has closed its previously announced acquisition of Benesure Canada Inc., a leading third party administrator and distributor of life and disability insurance solutions to the mortgage broker marketplace.
Financial terms remained undisclosed.
With closing of Benesure acquisition, Manulife Affinity Markets now has becom 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.
Manulife Affinity Markets and Benesure Canada had been business partners for many years - with Manulife providing product, pricing and underwriting expertise while Benesure administers and distributes the Mortgage Protection Plan and Credit Security Plan products across Canada.
Kleinburg, Ontario based Benesure Canada provides creditor life & disability and home warranty programs under the brand names of Mortgage Protection Plan (MPP), Credit Security Plan (CSP) and Encompass Home Service. Benesure Canada's insurance company, Credit Security Insurance Agency, is licensed in all provinces.
Benesure Canada has over 50 employees.
"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, VP of 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."