Maritime Life announced Thursday that it has signed an agreement to assume the insurance business of Liberty Health, a Canadian division of Liberty International, a subsidiary of U.S.-based Liberty Mutual Group. The deal is expected to close in early July 2003, subject to regulatory approval.

Based upon Liberty Health’s most recent results, the deal will add approximately $700 million in premium and premium equivalents, primarily to Maritime Life’s group insurance operations .

“Liberty Health is our fourth acquisition in the past eight years and a good complement to our expanding business,” said Bob Nicholas, senior vice president, Maritime Life Group Operations. “This significantly increases our presence in the group insurance arena, especially in Ontario — our largest market. We look forward to working cooperatively with Liberty Health employees, business partners and customers in the months to come,” Nicholas added.

Through the agreement, Maritime Life will assume the entire business of Liberty Health, which includes group life, disability, and health, and the individual health insurance business.

Liberty Health employs more than 500 people, located mostly in the Markham, Ont. head office location, with a small number of employees in regional offices across Canada. At closing, Maritime Life expects to pay approximately $140 million.