Manulife Financial said that strategically, the acquisition is an important purchase for Manulife in Canada. The transaction is expected to close on November 2, 2009.

Paul Rooney, president and CEO of Manulife Canada, said: "The acquisition strengthens our existing travel insurance operations and provides momentum to move our fastest-growing affinity markets' business segment to higher levels."

Gary Pottruff, CEO, founder and majority owner of Pottruff & Smith's travel insurance business, added: "We are very pleased to conclude the acquisition with Manulife, which has had a long-standing relationship with our company. This purchase will further develop a dynamic team with the expertise and size to meet Canadians' broad travel insurance needs."

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