Purchase expands Manulife travel insurance business in Canada
Waterloo - Manulife Financial announced today that it has purchased Pottruff & Smith Travel Insurance Brokers Inc., a leading broker and third party administrator of travel insurance across Canada.
With the announcement of the transaction today, Manulife Affinity Markets becomes one of
“With this acquisition, we are well positioned to serve even more Canadians to meet their broad range of travel insurance needs,” said Paul Rooney, President and Chief Executive Officer, Manulife
Gary Pottruff, CEO, founder and majority owner of Pottruff & Smith’s travel insurance business, added: “We are very pleased to conclude this transaction with Manulife, which has had a long-standing relationship with our company. This purchase will further develop a dynamic team with the expertise and size to meet Canadians’ broad travel insurance needs.”
Pottruff & Smith is one of the largest travel insurance brokers and third-party administrators in
Providing a broad spectrum of travel related services, Pottruff & Smith Travel Insurance Brokers Inc. serves clients across Canada including: Transat, AirMiles®, various travel associations and many others.
“Strategically, this is an important purchase for Manulife in this area,” added Mr. 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, 2009.
About Pottruff & Smith Travel Insurance Brokers Inc.
In 1989, Pottruff & Smith Travel Insurance Brokers Inc. was created to offer a complete line of travel and medical insurance packages. Pottruff & Smith Travel Insurance serves some of
Its national office is in
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 22 countries and territories worldwide. Operating as Manulife Financial in
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.