CPE News (11/26/2020) – Green Shield Benefits Association, a part of the Green Shield Canada (GSC) group of companies, has acquired Benecaid Health Benefit Solutions Inc. Financial terms were not disclosed
Combining leading technology solutions and track records of innovation, GSC and Benecaid will leverage their previously individual strengths to collaboratively provide customers advanced solutions in benefits services and products.
Led by President & CEO Peter Berczi, Benecaid had been backed by international insurance services company, The APRIL Group, an Andromeda Investissements portfolio company.
Benecaid’s current leadership team will continue to operate the business under the Benecaid brand, with Berczi and David Katz also joining GSC’s leadership team as part of its benefits management division.
photo credit: Benecaid
News Release
Benecaid Joins Green Shield Canada Group of Companies
TORONTO, Nov. 26, 2020 (GLOBE NEWSWIRE) — Green Shield Benefits Association, a part of the Green Shield Canada (GSC) group of companies, today announced its acquisition of Benecaid. Combining leading technology solutions and track records of innovation, GSC and Benecaid will leverage their previously individual strengths to collaboratively provide customers advanced solutions in benefits services and products.
“We’re excited about the completion of this transaction and advancing GSC’s broader business diversification strategy, specifically in benefits management,” said Zahid Salman, President & CEO of GSC. “Benecaid’s track record of service excellence, growth and innovation, including its Honeybee digital platform, make an excellent fit with GSC and will open a new world for our clients and partners to access both traditional and new insurance solutions.”
“I am very excited for all of us at Benecaid as we join the GSC family,” stated Benecaid President and CEO Peter Berczi. “The extensive synergies across platforms, distribution channels and human resources is truly a win-win. Being part of a Canadian success story like GSC, that focuses its energy on serving customers and creating social good, will be very inspiring and rewarding for our team.”
Benecaid’s current leadership team will continue to operate the business under the Benecaid brand, with Peter Berczi and David Katz also joining GSC’s leadership team as part of its benefits management division under the direction of Executive Vice President, Benefits Management and Technology, Rino Rondinone.
For more information:
GSC Media Department
1.800.268.6613 ext. 3409
media@greenshield.ca
About Green Shield Benefits Association
Part of the Green Shield Canada (GSC) group of companies, the Green Shield Benefits Association was established in 1987, and continued under the Canada Not-for-Profit Corporations Act (NFP Act) in 2014. The Green Shield Benefits Association is an unregulated, non-share capital, non-profit corporation.
About Green Shield Canada (GSC)
GSC is Canada’s fourth-largest health and dental benefits provider, and is uniquely structured as a social enterprise with the purpose of making it easier for people to live their healthiest lives. From coast-to-coast, GSC’s service delivery includes drug, dental, extended health care, vision, hospital, and travel benefits for groups and individuals, as well as administration and benefits management services. Supported by outcomes-based sustainability strategies, advanced technology, and exceptional customer service, GSC creates innovative programs for nearly four million plan participants nationwide.
About Benecaid
Benecaid has been a leading provider of innovative group benefits solutions for Canadian small and medium-sized businesses for over 20 years. Benecaid’s unique solutions include competitive health, dental and ancillary group benefits, using both fully-insured and self-insurance options to bring a range of flexible solutions to the market through its network of independent licensed insurance advisors. The Honeybee digital benefits platform empowers both insurance advisors and insurance companies by enabling a modern benefits experience for their clients and plan members, with access to the widest selection of progressive, personalized benefits products and services, optimized to meet a company’s unique goals. As a third party administrator for some of the most trusted and recognizable Canadian insurance companies, Benecaid combines deep product knowledge, benefits administration expertise and the latest technologies to provide employers with affordable and sustainable benefits solutions, and their employees with a superior customer experience.