Great-West Life has acquired Toronto-based PlanDirect Insurance Services Inc. (PDAssure), a company that provides health and dental insurance to retired Canadians who are not covered by a group benefit plan.
PDAssure will keep its name and will operate as a subsidiary of Great-West Life. Financial details of the transaction were not disclosed.
PDAssure was founded in Toronto in 1993. Great-West Life agreed to become the insurer and the first policies were issued in July 1994.
The company offers Plan Direct and Sonata Health products for retirees plus a number of product options. Distribution is primarily through licensed insurance agents but many employers also direct retiring employees to PDAssure.
Company founders Millar Drummond and Rolf Normandin will continue to be associated with PDAssure for an interim period, to help ensure a smooth transition.