Pottruff & Smith Travel Insurance Brokers, one of the largest travel insurance brokers and third-party administrators in Canada, has been acquired by Manulife Financial.

Terms of the transaction, expected to close November 2, were not disclosed.

However, Manulife said that through the addition of two Pottruff & Smith locations in Woodbridge, Ontario, and Ste-Therese, Quebec, its Manulife Affinity Markets unit will become one of Canada's largest providers of travel insurance services in the country.

Founded in 1989, Woodbridge, Ontario,-based Pottruff & Smith specializes in leisure travel insurance. Clients include Transat, AirMiles, various travel associations and others.

Manulife Financial is a leading Canadian-based financial services group and insurer serving millions of customers in 22 countries and territories worldwide.