Manulife Financial (TSX:MFC) said Wednesday that it has bought Benesure Canada Inc., a provider of life and disability creditor insurance to mortgage brokers.
Financial terms of the deal were not immediately available.
Manulife said the deal makes it Canada’s largest provider of creditor insurance for mortgage brokers.
“Establishing a leadership position in the mortgage creditor insurance marketplace and expanding our reach among mortgage brokers represents an opportunity for growth in a highly stable, key Canadian market,” said Gavin Robinson, senior vice-president and general manager of Manulife Affinity Markets.
The acquisition follows years of the companies working together.
Manulife has provided product, pricing and underwriting expertise to Benesure, which has handled administration and distribution.
Based in Kleinburg, Ont., Benesure employs more than 50 people including regional representatives across the country.