Thursday, November 5, 2009

Manulife buys travel-insurance broker

travel insurance

Manulife Financial Corp. yesterday said it has acquired Pottruff & Smith Travel Insurance Brokers Inc., one of Canada's largest travel-insurance brokers, with about 90 employees in Woodbridge, Ont., and Ste-Therese, Que. The price was not disclosed. Already a major player in the sector, Toronto-based Manulife said the deal "strengthens our existing operations and provides momentum to move our fastest-growing affinity markets business segment to higher levels." Privately held Pottruff & Smith specializes in leisure-travel products through its broker network, serving clients including Transat AT and AirMiles. It is also a major third-party insurance administrator. "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," said Paul Rooney, chief executive of Manulife Canada.