To expand travel insurance business in Canada

Manulife Financial has acquired Pottruff & Smith Travel Insurance Brokers, a broker and third party administrator of travel insurance across Canada.

The company has stated that it can now serve even more Canadians to meet their broad range of travel insurance needs. This acquisition will strengthen the existing travel insurance operations and it provides momentum to move Affinity Markets’ business segment to higher levels.

Gary Pottruff, CEO, founder and majority owner of Pottruff & Smith’s travel insurance business, said: 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.

Paul Rooney, president and CEO of Manulife Canada, said: Strategically, this is an important purchase for Manulife in this area. 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.