Great-West Life has acquired PlanDirect Insurance Services (PDAssure), a service provider that markets and administers individual health insurance for Canadians.
On September 3, the Winnipeg-based insurer announced that it had purchased PDA Assure for an undisclosed amount. The acquisition is effective immediately. Great-West says PDAssure will retain its name and will operate as a subsidiary.
PDAssure offers Sonata Health and Plan Direct coverage for retirees as well as a guaranteed issue life product, mainly through licensed insurance agents. Company co-founders Millar Drummond and Rolf Normandin say they sold the company because they wanted to retire. They will remain at PDAssure for an interim period to help ensure a smooth transition.
“We are very pleased to have reached an agreement with PDAssure to acquire their business,” comments Stefan Kristjanson, Great-West Life’s executive vice-president for group benefits. “Great-West Life and PDAssure have had a successful relationship over the past two decades, supporting the individual health insurance needs of Canadian retirees and families. Now with PDAssure as part of our organization, Great-West Life is strongly positioned to become a leader in this marketplace.”