Transaction with group benefits provider represents crucial step forward in GSC's diversification strategy
Green Shield Benefits Association, part of the Green Shield Canada (GSC) group of companies, has acquired Benecaid, a leading provider of innovative group benefits solutions that’s been working with Canadian small- and medium-sized businesses for over 20 years.
With GSC’s leading technology solutions and Benecaid’s track record of innovation, the transaction promises to produce advanced solutions in benefits services and products for customers.
“We're excited about the completion of this transaction and advancing GSC’s broader business diversification strategy, specifically in benefits management,” said GSC President and CEO Zahid Salman. “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.”
Benecaid’s shelf of unique solutions includes competitive health, dental and ancillary group benefits, offering both fully-insured and self-insurance options to deliver a range of flexible solutions to customers through its network of independent licensed insurance advisors.
“I am very excited for all of us at Benecaid as we join the GSC family,” said Benecaid President and CEO Peter Berczi. “The extensive synergies across platforms, distribution channels and human resources is truly a win-win.”
The current leadership team of Benecaid will continue to operate the business under the Benecaid brand; Berczi, along with executive vice president of Corporate Development David Katz, will also join GSC’s leadership team.
Berczi and Katz will be working under the direction of Rino Rondinone, executive vice president of Benefits Management and Technology at GSC, as part of its benefits management division.
“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,” Berczi said.
