Insurer Canada Life has reached agreement to acquire ClaimSecure, a healthcare management firm providing health and dental claim management services to private and public businesses in Canada.
The deal increases the number of customers served by Canada Life by 1.25 million individuals, including plan members and their dependents, with annual claims payments of more than C$1.2bn (£690m).
Following the deal, ClaimSecure’s main operations centre will remain in Sudbury, Ontario while its head office will remain in Mississauga, Ontario.
The transaction, subject to customary closing conditions, including receipt of regulatory approvals, is expected to close in Q3 2021.
Commenting on the deal, Jeff Macoun, president and chief operating officer for Canada at Canada Life, said: “The acquisition of ClaimSecure enhances our ability to provide leading workplace benefits solutions by extending our presence in a growing segment of the market.
“This transaction aligns with our priority of building lifetime customer relationships with the workplace plan members we serve.”