Maritime Life Assurance Co. announced Tuesday that it has completed the assumption of the insurance business of Liberty Health, a Canadian division of U.S.-based Liberty Mutual Insurance Co.

Through the agreement, Maritime Life has assumed the entire business of Liberty Health, including its group life, group disability and group health divisions, as well as its individual health insurance business.

The $140 million transaction is expected to add approximately $700 million in premiums and premium equivalents, primarily to Maritime Life’s group insurance operations, and reinforces Maritime Life’s position as one of the top group insurers in Canada.

“Liberty Health is an excellent complement to our growing business and significantly strengthens our presence in group insurance, particularly in Ontario, which is our largest market,” said Bob Nicholas, senior vice president, Maritime Life group operations.

“Liberty Health is also a national leader in individual health insurance, with a 25% market share. The addition of this business reinforces Maritime Life’s position as one of the top insurance companies in Canada.”

“We are quite enthusiastic about joining the Maritime Life family,” said David McFarlane, senior vice president, consumer and small business markets, Liberty Health. “The fit between our companies, both culturally and strategically, makes sense. We share a number of values, including a strong focus on both employee and customer satisfaction, and we also share a commitment to continuing growth and innovation in the Canadian marketplace in the years ahead”.