International insurance services group APRIL has expanded its foothold in Canada with the acquisition of Benecaid, a managing general underwriter and third-party administrator specializing in group health insurance for VSEs.
Toronto-based Benecaid has 53 staff members and serves over 22,000 clients, which translates into around €60 million (CA$93.9 million) in premiums. The deal is set to help APRIL diversify its business in Canada beyond its wholesale property & casualty brokerage business.
“By acquiring Benecaid, the group is continuing its expansion in a growing and priority business line for APRIL,” commented Emmanuel Morandini, APRIL group CEO. “Canada is already one of the main contributing countries to our gross margin outside France; we’re boosting our positioning there thanks to a profitable company recognised for the quality of its expertise, and which complements our existing activities.”
APRIL and Benecaid share a strong customer focus and a close working relationship with their network of independent distributors, thanks to innovative solutions and customized support. Last year, Benecaid launched Honeybee, a digital platform enabling distributors to directly customize their clients’ group insurance offering. The platform also enables policyholders to take out additional coverages to personalize their benefits.
Peter Berczi, Benecaid president and CEO, said: “We’ve invested heavily in new platforms and technology to empower the advisor community and help companies to better compete in this fast-changing labour market.”
By acquiring 93% equity interest in Benecaid, APRIL has strengthened its position in the Canadian complementary health insurance market. The remaining 7% will be held by Benecaid’s management team, who will stay on following the acquisition.
“This transaction is fully in line with [APRIL’s] sustainable growth strategy, combining a local foothold in health insurance with the global expansion of our expertise,” Morandini added.
