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Group Health Group Holdings Inc. is acquiring a 75 per cent stake in Canadian Benefits Investment & Insurance Group Inc., a British Columbia-based provider of group benefits and wealth management services.

The transaction will see GroupHEALTH expand its sales and service presence in Western Canada, according to a press release, which noted the acquisition includes entities operating within CBIG, such as group benefits providers GroupHEALTH Northern Partners Inc. and Talon Benefits and wealth management provider Lakelse Financial. In March, Germany-based Munich Re announced it would acquire 100 per cent of GroupHealth. It previously held a 40 per cent stake in the company.

Read: Munich Re acquiring benefits provider GroupHEALTH

“The GroupHEALTH family of companies has had a long and successful partnership with the CBIG team,” said Matt Houghton, chief executive officer of GroupHEALTH, in the release. “With this acquisition, the GroupHEALTH family of companies deepens its client and strategic relationships in high-growth markets and further diversifies its revenue streams by expanding into individual wealth management sectors.”