Manulife buys Pottruff and Smith Travel Insurance

Manulife Financial announced Friday it has purchased Pottruff & Smith Travel Insurance Brokers Inc., one of the largest third-party administrators in Canada.

Terms of the deal were not disclosed, although the transaction is expected to close in early November.

"With this acquisition, we are well positioned to serve even more Canadians to meet their broad range of travel insurance needs," Paul Rooney, chief executive of Manulife Canada, said in a release.

"This gives us the opportunity to more fully integrate our travel insurance operation, plus provides a stronger platform for our long-term growth as a travel insurer serving millions of Canadians," he said.

Gary Pottruff, founder and majority owner of Pottruff & Smith, supports the sale.

"We are very pleased to conclude this transaction with Manulife, which has had a long-standing relationship with our company," Mr. Pottruff said in the release.

Pottruff & Smith was founded in 1989 and operates out of Woodbridge, Ont. The sale will bring about 90 company employees into the fold of Manulife Affinity Markets.

Manulife Financial is one of Canada's largest financial services companies, with some $421-billion in funds under management as of June 2009.

Source: Manulife buys Pottruff and Smith Travel Insurance