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Hancock Unit Acquires Canadian Health Insurer

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NU Online News Service, March 13, 2003, 4:58 p.m. EST – Maritime Life, Halifax, Nova Scotia, has agreed to acquire Liberty Health, Markham, Ontario, for the equivalent of $95 million in U.S. currency.

Maritime Life is a unit of John Hancock Financial Services Inc., Boston, and Liberty Health is a unit of Liberty Mutual Insurance Company, Boston.

The unit acquired generates about $474 million in premium revenue a year from the sale of individual life insurance and group life, group disability and group health insurance.

The conversions here are based on an exchange rate of $1=1.4755 Canadian dollars, using figures provided by OANDA Corp., New York.