Manulife Acquires Canada-Based Travel Broker

Tue. October 20, 2009; Posted: 08:22 AM

TORONTO, Oct 19, 2009 (A. M. Best via COMTEX) -- MFC | Quote | Chart | News | PowerRating -- Manulife Financial Inc. said it has acquired a broker and third-party administrator of travel insurance in Canada.

Terms of the Canadian life insurance giant's cash acquisition of Pottruff & Smith Travel Insurance Brokers Inc. were not disclosed. Manulife officials indicated that the transaction will establish it as the second-largest travel insurance company in Canada.

"This strengthens our existing travel insurance operations and provides momentum to move our fastest-growing Affinity Markets' business segment to higher levels," Paul Rooney, president and chief executive of Manulife Canada said in a statement.

Pottruff & Smith, which was founded in 1989, has about 90 employees working at separate offices in Woodbridge, Ontario and St. Therese, Quebec. The company specializes in leisure travel insurance.

Manulife reported a 57% increase in second-quarter net income to C$1.7 billion (US$1.64 billion), compared with the same period a year ago (BestWire, Aug. 7, 2009). The profit followed consecutive net losses in the fourth quarter of 2008 and the first quarter of this year.

Manulife Financial provides financial protection and wealth management products and services to individual and group customers in Canada, the United States and Asia, according to an AMB Credit Report.

Manufacturers Life Insurance Co. currently has a Best's Financial Strength Rating of A+ (Superior).

(By Al Slavin, senior associate editor, BestWeek)

For full details on Manulife Financial Corp (MFC) click here. Manulife Financial Corp (MFC) has Short Term PowerRatings of 4. Details on Manulife Financial Corp (MFC) Short Term PowerRatings is available at This Link.

More News: Market Updates | Stock Alerts | All Trading News | Stock Index

Archives

Feedback

Email Article Link

Close X

RELATED SITES

Please call 1-213-955-5858 ext. 1

Tax Relief Bank Levy Wage Garnishment

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302

All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.