Canada Life Assurance Company has completed its acquisition of ClaimSecure.
Great-West Lifeco, the parent company of Canada Life, noted that the completion of the acquisition increases the number of Canada Life’s plan members by 1.25 million individuals, including plan members and their dependents, with annual claims payments of over $1.2 billion.
In addition to increasing plan member count, the acquisition of ClaimSecure also enhances Canada Life’s presence in the third-party administrator (TPA) and third-party payor (TPP) business segments. The deal also makes Canada Life the first major Canadian insurer to own and operate a pharmacy benefits manager with the technological capability to pay claims nationwide.
Following the deal’s closure, ClaimSecure will continue to operate independently and will remain a distinct entity in the Canadian benefits industry. Canada Life noted that over time, it and ClaimSecure will benefit from sharing products, services, technology, and even their business models.
Canada Life’s plan to acquire ClaimSecure was first announced in July. In a previous statement, Canada Life president and chief operating officer Jeff Macoun, the transaction “aligns with [the company’s] priority of building lifetime customer relationships” with the workplace plan members that Canada Life serves.