Copyright_Yuliya Trukhan_123RF

Co-operators Financial Services Ltd. is acquiring Mississauga, Ont.-based Smart Employee Benefits Inc.

Following the acquisition, Smart Employee Benefits will continue to operate as a standalone entity, according to a press release.

Read: Gallagher acquiring Buck for US$660 million

“We are confident that Smart Employee Benefits is well-positioned to expand its offerings to meet the needs of its clients,” said Joan Ganas, vice-president of group benefits at Co-operators, in the release. “Their proven expertise in technology and their ability to fully integrate, customize and manage solutions are perfectly aligned with the strategic direction of our current group benefits business model.”

The transaction is expected to close in the first quarter of 2023, subject to receipt of shareholder and court approvals and satisfaction of the closing conditions under the agreement.

Read: StoneRidge Insurance Brokers acquiring benefits consultancy MultiCare Group