Green Shield Benefits Association – a member of the Green Shield Canada (GSC) group of companies – has acquired the Toronto-based employee health benefits and group insurance provider Benecaid.
Operating since 2000, Benecaid offers health benefits solutions to small and medium-sized businesses. The company has over $90 million in coverage provided and has helped more than 150,000 Canadians though benefits.
Following the acquisition, Benecaid's current leadership team will continue to operate the business under the Benecaid brand. In addition, the company president and CEO Peter Berczi, as well as executive vice president David Katz will join GSC’s leadership team as part of its benefits management division. GSC’s benefits management division is led by executive vice president, benefits management and technology, Rino Rondinone.
“We're excited about the completion of this transaction and advancing GSC's broader business diversification strategy, specifically in benefits management,” said GSC president and CEO Zahid Salman. “Benecaid's track record of service excellence, growth and innovation, including its Honeybee digital platform, make an excellent fit with GSC and will open a new world for our clients and partners to access both traditional and new insurance solutions.''
“I am very excited for all of us at Benecaid as we join the GSC family,” added Benecaid president and CEO Peter Berczi. “The extensive synergies across platforms, distribution channels and human resources is truly a win-win.”
