Becomes Canada's largest provider of mortgage insurance solutions for
mortgage brokers
TSX/NYSE/PSE: MFC
SEHK:945
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 marketplace.
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 mortgage brokers."
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 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
