GWLOF - Great-West Lifeco unit Canada Life to acquire ClaimSecure

The Canada Life Assurance Company, a subsidiary of Great-West Lifeco (GWLOF), is acquiring ClaimSecure Inc, which provides health and dental claim management services to private and public businesses in Canada.The company said the transaction enhances Canada Life's presence in the third-party administrator ((TPA)) and third-party payor ((TPP)) business segments."Over the past two years, we've been strategically evolving our participation in the TPA and TPP business in Canada by creating a dedicated team. Acquiring ClaimSecure is the next step in this evolution," said Brad Fedorchuk, executive vice-president, group customer, Canada Life.Through the acquisition, Canada Life is further investing in workplace capabilities in Canada, a core strategic focus for Great-West Lifeco.The acquisition increases the number of plan members served by Canada Life by 1.25M individuals, including plan members and their dependents, with annual claims payments of more than C$1.2B.The transaction is expected to close in the third quarter, is subject to closing conditions, including

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Great-West Lifeco unit Canada Life to acquire ClaimSecure