Manulife Financial acquires Benesure Canada Inc.

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.