TORONTO, Sept. 21, 2015 /CNW/ - Foresters™ CEO Tony Garcia announced today plans for the Foresters family of companies to be known collectively by one brand – Foresters Financial – in Canada, the United States and the United Kingdom. Foresters New York-based subsidiary First Investors kicked off the transition today with a total rebrand to Foresters Financial for its New York-based head office and more than 40 sales offices.
Foresters is an international financial services provider with over three million clients and members in Canada, the United States and the United Kingdom. The Foresters family of companies provides life insurance, savings, retirement and investment solutions that help families achieve their financial goals and make a lasting difference in their lives and communities.
Changing Foresters brand name has been a priority for Garcia since he took the helm in May 2014: "Although we're proud of our heritage, we know that when members of the public see or hear the Foresters name, many wonder what we do," says Tony Garcia, President and CEO, Foresters. "Adding the category descriptor 'Financial' to the Foresters name clearly denotes that we are a financial services provider."
The need to better crystallize Foresters business areas has been more apparent since its 2011 acquisition of First Investors, a financial services company that includes a broker-dealer with 42 branch offices across the United States, a mutual fund company offering competitive, high-quality investment options through its family of funds and a highly rated life insurance company offering a range of insurance and annuity products. The acquisition enabled Foresters to expand its financial solutions and footprint in the United States, move into investment management in the United States and attract new clients and members.
"The First Investors business is an important part of our long-term strategy for sustainable growth in North America so it makes sense for us to fully integrate them into the organization," says Garcia.
First Investors CEO Bill Lipkus agrees: "Since joining the Foresters family of companies, we have had a tremendous partnership in delivering on the values and mission that we both share – to help families meet their financial goals and to enhance the well-being of families and communities. Now that we'll also share a visual identity and a name with Foresters, our more than 600 employees will truly feel like part of the Foresters family."
First Investors will start to use the Foresters Financial name and logo immediately and the rest of the organization will start to rebrand in early 2016 with a goal to have key branded assets in Canada, the United States and the United Kingdom converted by the end of 2016. The organization also plans to introduce a dynamic new integrated website showcasing its full suite of product and service offerings and offer enhanced functionality for clients, members and sales partners.
Foresters is an international financial services provider with more than three million clients and members in Canada, the United States and the United Kingdom. We provide life insurance, savings, retirement and investment solutions that help families achieve their financial goals and make a lasting difference in their lives and communities. Foresters has assets of almost $12 billion, total funds under management of $28 billion and a surplus of $1.9 billion (all figures in Canadian dollars as of December 31, 2014) and maintains an "A" (Excellent) rating by A.M. Best1. For more information, visit foresters.com.
Foresters Financial and Foresters are trade names and trademarks of The Independent Order of Foresters (a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9) and its subsidiaries.
¹ 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. A.M. Best assigns ratings from A++ to F, A++ and A+ being superior ratings and A and A- being excellent ratings. In assigning Foresters rating on July 1, 2015, A.M. Best stated that the rating outlook is "stable", which means it is unlikely to change in the near future. See ambest.com for our latest rating.
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