Communication Workers Friendly Society to merge with Forester Life
TORONTO, Feb. 3 /CNW/ - Foresters™, a life insurance provider committed
to the well-being of families, announced that the Communication Workers
Friendly Society (CWFS) intends to merge into Forester Life later this
year, as part of a process known as a transfer of engagements. The
value of the transaction is not being disclosed at this time.
CWFS, based in Wimbledon, UK, is a with-profits provider with assets
under management of CDN$168.5m (£105m) and around 26,000 members.
Forester Life, the UK operations of Foresters, has assets of over
CDN$1,043m (£650m) and more than 210,000 members in the UK.
Today's announcement comes on the heels of Foresters acquisition of New
York-based First Investors Consolidated Corporation.
"The CWFS proposed transfer is a major development in Foresters global
growth strategy," said Foresters President and CEO George Mohacsi.
"Foresters continues to build on its financial strength to increase the
depth and breadth of our organization, grow our membership and
strengthen our members' communities."
"This is an important deal for our members which will provide an
opportunity for their savings to perform more strongly in the future,"
said Nigel Briggs, Chief Executive Officer of CWFS. "In Forester Life
we have found a strong partner with an excellent reputation for
customer service and a proven track record of helping members in their
The transfer, which is subject to the approval of both CWFS members and
the Financial Services Authority, is expected to happen during the
third quarter of this year. CWFS will remain open for business until
the merger has been completed in order to continue to provide
communication workers with an opportunity to save on a convenient and
In commenting on the agreement, Euan Allison, Group Managing Director of
Forester Life and Foresters, said: "This is great news for both
Forester Life and for CWFS. While we continue to achieve impressive
growth organically through our nationwide team of financial advisers,
this deal meets our long-term strategy of also expanding by mergers and
Founded in 1874 as a fraternal benefit society, Foresters™ champions the well-being of families through quality life insurance,
unique member benefits and inspiring community activities. Foresters
has assets of $6.2 billion with liabilities of $4.8 billion resulting
in a surplus of $1.4 billion (all figures in Canadian dollars as of
December 31, 2009) and maintains an "A" (Excellent) rating by A.M.
Best*. Foresters shares its financial strength with more than 765,000
members in Canada, the United States and the United Kingdom. Foresters
Equity Services, Inc†.†, a wholly owned subsidiary of Foresters, offers investment products in
the U.S. Unity Life of Canada and First Investors Consolidated
Corporation are wholly owned subsidiaries of Foresters. For more
information, please visit www.foresters.com.
ForestersTM is a trademark of The Independent Order of Foresters, a fraternal
benefit society, Toronto, Canada M3C 1T9.
*An "A" (Excellent) rating is assigned to companies that have a strong
ability to meet their ongoing obligations to policyholders and have, on
balance, excellent balance sheet strength, operating performance and
business profile when compared to the standards established by A.M.
Best Company. In assigning Foresters rating, A.M. Best stated that
Foresters rating outlook is "stable", which means it is unlikely to
change in the near future, assuming Foresters financial strength is
maintained and operations grow. A.M. Best assigns ratings from A++ to
F, A++ being superior ratings and A and A- being excellent ratings. † Investments offered through Foresters Equity Services, Inc. Member
FINRA, SIPC, 6640 Lusk Blvd., Suite A-202, San Diego, CA 92121 T. 858
About Forester Life
Forester Life is a UK life company based in Bromley, UK, providing a
range of straightforward financial solutions to help address
protection, saving, investing and pension planning. Its products are
available through its UK network of financial advisers. For more
information please visit www.foresters.co.uk/
About Communication Workers Friendly Society
Communication Workers Friendly Society based in Wimbledon, UK, was
formed in 1895 as a branch of the Postmen's Federation. It currently
has just under 26,000 members and funds under management of £105m. CWFS
retains sufficient capital to meet policyholder liabilities and FSA
requirements, and at its last valuation had a capital coverage ratio of
217%*. Its website is www.cwfs.co.uk/
* Interim valuation 30 June 2010
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