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Manulife Financial acquires Benesure Canada Inc.

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Manulife Financial (Manulife) announced last Friday that it had completed its acquisition of third party administrator and distributor of life and disability solutions to the mortgage broker marketplace, Benesure Canada Inc., (Benesure).

With over 170,000 clients, Benesure’s foothold in providing insurance solutions to the Canadian mortgage broker community is solid and with the completion of the transaction, Manulife Affinity Markets becomes Canada’s largest provider of mortgage insurance solutions with revenue premiums in excess of $65 million.

Manulife Affinity Markets should have fairly smooth transition folding Benesure in; the two have been working in conjunction with one another for more than 20 years with Manulife Affinity handling product pricing and underwriting while Benesure handled administration and distribution across Canada, according to a Manulife spokesperson.

The latest acquisition seems to be part of an overall trend for Manulife. In 2009 they completed a transaction with Pottruff & Smith Travel Insurance Brokers Inc. and in September of 2012 they acquired Wellington Financial Services Inc.

The Canadian mortgage broker market seems to be a vibrant or at least established enough segment for Manulife to feel that it will complement its overall growth strategy.

“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 among mortgage brokers,” said Wally Thompson, vice president, Client Relations and Business Development, Manulife Affinity Markets, in a statement.