Press release from PR Newswire
Manulife Financial and RBC Insurance Enter Into Travel Insurance Business Arrangements
Wednesday, August 14, 2013
Manulife Financial and RBC Insurance Enter Into Travel Insurance Business Arrangements13:00 EDT Wednesday, August 14, 2013
|C$ unless otherwise stated||TSX/NYSE/PSE: MFC||SEHK:945|
TORONTO, Aug. 14, 2013 /PRNewswire/ - Manulife Financial has entered into an agreement with RBC Insurance Company of Canada ("RBC Insurance") in which Manulife will reinsure the travel insurance coverage sold by RBC Insurance through travel agencies. The arrangements include transitioning to Manulife the sales and distribution support of RBC Insurance's travel agency insurance business. In addition, the travel agencies will be offered the opportunity to renew their agency agreements with Manulife upon the expiration of their current RBC Insurance contracts. RBC Insurance will continue to be the insurance provider to the travel agencies until the expiration of the current travel agency contracts.
Manulife Financial will make employment offers to the majority of the RBC Insurance employees who provide sales, and sales support, directly to the travel agencies.
The arrangements are not subject to regulatory approval and are expected to commence during the third quarter of 2013. Financial terms of the business arrangements were not disclosed.
"This transaction provides a unique opportunity to reinforce our leading position in the Canadian travel insurance business by expanding our reach and presence within the travel agency insurance market," said Brian Gooding, Senior Vice President and General Manager, Affinity Markets, Manulife Financial. "The travel agency channel is an important part of our strategic growth plan, enabling us to serve many more Canadians and meet their travel insurance needs."
This latest agreement will complement Manulife Financial's current strategy to broaden its presence in the travel insurance market. In a 2009 transaction, Manulife assumed the business of PS Travel Insurance Brokers Inc.
About Manulife Financial Manulife Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Clients look to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Funds under management by Manulife Financial and its subsidiaries were C$567 billion (US$539 billion) as at June 30, 2013. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.
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 manulife.com.
SOURCE Manulife Financial Corporation
For further information: <p> <b>Media inquiries:</b><br/> Brooke Tucker-Reid <br/> Manulife Financial<br/> 416-434-0635<br/> <a href="mailto:Brooke_Tucker-Reid@Manulife.com">Brooke_Tucker-Reid@Manulife.com </a> </p> <p> Jana Miller <br/> Manulife Financial <br/> 519-747-7000 ext. 244597<br/> <a href="mailto:Jana_Miller@Manulife.com">Jana_Miller@Manulife.com</a> </p>