Germany-based Munich Re is acquiring Canada’s Group Health Group Holdings Inc.

Munich Re New Ventures Inc., which previously held a 40 per cent stake in GroupHEALTH, will now own 100 per cent of the company. Matt Houghton, chief executive officer of GroupHEALTH, will continue to lead the company with his executive team, according to a press release, which noted there are no changes expected to GroupHEALTH’s operating model, personnel, service model or standards.

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“[Munich Re] has been a great partner in assisting insurers to deliver innovative products and services to meet our clients evolving needs to date,” said Houghton in the release. “We couldn’t be more excited about this next chapter working together to further enhance the value proposition for all stakeholders.”