Strengthens Blue Cross Life's voluntary benefits presence in the Canadian workplace market

MONCTON, NB, March 19, 2026 /CNW/ - Blue Cross Life Insurance Company of Canada ("Blue Cross Life") announced today that it has entered into a definitive agreement to acquire the Canadian voluntary benefits business of StanCorp Financial Group, Inc. ("The Standard") (the "Transaction"). The Standard acquired this Canadian block of business from Allstate Corporation in 2025 as part of its broader acquisition of the Allstate voluntary benefits business. The Canadian voluntary benefits business continues to be marketed under the Allstate brand. Since 2015, the business has provided critical illness insurance and accident insurance products in Canada and currently covers approximately 170,000 employees and their families.

The Transaction, which is expected to close later in 2026, will strengthen Blue Cross Life's presence in the voluntary benefits market through the addition of a well-established Canadian portfolio.

"This acquisition is a strong strategic fit for Blue Cross Life," said Tim Mawhinney, President and CEO of Blue Cross Life. "This is a highly respected voluntary benefits business with a differentiated product, strong broker relationships and a proven Canadian operating model. Bringing this business into Blue Cross Life enhances our scale, expands our voluntary benefits capabilities, and strengthens our ability to address growing demand for flexible, portable workplace coverage in Canada."

At closing, the Canadian voluntary benefits business will transition to Blue Cross Life as part of the acquisition. Blue Cross Life intends to build on the business's established Canadian operations, supporting continuity for customers and brokers while promoting innovation and driving continued growth as part of Blue Cross Life's broader voluntary benefits strategy.

"We're pleased to have found the right long-term home with Blue Cross Life for the Canadian voluntary benefits business," said Jeremy Horner, Executive Vice President of The Standard. "Blue Cross Life's established presence in the Canadian benefits market provides a solid foundation for the continued growth of the business, under an owner fully dedicated to the Canadian market, while allowing The Standard to remain focused on our core strategic priorities in the U.S."

Blue Cross Life is part of the Blue Cross ecosystem in Canada, which has provided health, travel and life insurance solutions to Canadians for more than 80 years. This acquisition further reinforces Blue Cross Life's role in the Canadian workplace life benefits landscape, with voluntary benefits as a key component of its national growth strategy.

"This acquisition, along with the recent launch of our individual digital life solutions, demonstrates Blue Cross Life's commitment to modernizing insurance for Canadians," said Mawhinney. "Together, these offerings reflect our strategy to combine innovation and scale to deliver accessible, affordable solutions that improve the wellbeing and financial security of Canadian families."

The Transaction remains subject to regulatory approvals and other customary closing conditions, including approval of the Superintendent of Financial Institutions of Canada.

Advisors

Blake, Cassels & Graydon LLP acted as legal counsel to Blue Cross Life on the Transaction.

About Blue Cross Life Insurance Company of Canada

Blue Cross Life Insurance Company of Canada (Blue Cross Life) is one of Canada's leading life insurers. It takes pride in being a trusted brand by Canadian consumers, offering a full suite of top-tier individual and group life and disability insurance options tailored to protect families and individuals. Blue Cross Life's commitment to service and product excellence has earned it recognition as one of Canada's most respected life insurance companies. Blue Cross Life operates as a federally licensed insurer with coverage across Canada.

Learn more at bluecross.ca/life

SOURCE Blue Cross Life Insurance