Blue Cross Life Insurance Co. of Canada is acquiring StanCorp Financial Group Inc.’s Canadian voluntary benefits business.
Read: U.S. employers offering new, additional voluntary benefits to retain, attract talent: survey
The business provides critical illness insurance and accident insurance products in Canada and covers roughly 170,000 employees. The deal is expected to close this year pending regulatory approvals and other customary closing conditions.
“We’re getting scale, distribution, relationships and additional product capabilities,” says Tim Mawhinney president and chief executive officer at Blue Cross Life. “It’s very complementary from a strategic perspective — there’s a lot of employer demand and broker interest in the market.”
Read: Is it time for employers to take a look at voluntary benefits?