Manulife Financial Corp. has purchased Pottruff & Smith Travel Insurance Brokers Inc., the company said Thursday.

With the transaction, Manulife Affinity Markets becomes one of Canada’s largest providers of travel insurance services in the country, by adding almost 90 employees in two Pottruff & Smith locations in Woodbridge, Ont. and Ste-Thérèse, Que.

“With this acquisition, we are well positioned to serve even more Canadians to meet their broad range of travel insurance needs,” says Paul Rooney, president and CEO, Manulife Canada. “This strengthens our existing travel insurance operations and provides momentum to move our fastest-growing Affinity Markets’ business segment to higher levels.”

“We are very pleased to conclude this transaction with Manulife, which has had a long-standing relationship with our company,” adds Gary Pottruff, CEO, founder and majority owner of Pottruff & Smith’s travel insurance business.

“This purchase will further develop a dynamic team with the expertise and size to meet Canadians’ broad travel insurance needs,” Pottruff says.

Pottruff & Smith is one of the largest travel insurance brokers and third-party administrators in Canada, specializing in leisure travel insurance. It serves clients across Canada including: Transat, AirMiles, various travel associations and many others.

“Strategically, this is an important purchase for Manulife in this area,” adds Rooney. “This gives us the opportunity to more fully integrate our travel insurance operations, plus provides a stronger platform for our long-term growth as a travel insurer serving millions of Canadians.”

The transaction is expected to close November 2.

IE