Unity Life gains greater administration control
TORONTO, April 1 /CNW/ - Unity Life of Canada, a Foresters company, today
announced the completion of the agreement under which Unity Life has acquired
the business segment of GeniSys Management Systems that performs business
process outsourcing (BPO) for the company. GeniSys is an international
provider of insurance administration services, headquartered in Canada.
"Today's announcement will enable us to focus on profitable growth in the
Canadian market as both Foresters and Unity Life will benefit from the
efficiencies of shared services," said George Mohacsi, Foresters President and
CEO. "With the acquisition of Unity Life in 2008, Foresters created a strong
national presence with the integration of Unity Life and our existing Canadian
Tony Poole, President and CEO of Unity Life, said, "This acquisition
gives Unity Life greater control over our administration and the flexibility
to develop new, more efficient administrative processes. In addition, it will
enable Unity Life to continue its focus on key specialty markets and best of
breed products and services available through our national network of
independent distributors. This winning strategy resulted in Unity Life being
one of Canada's fastest growing life insurers in 2008."
Approximately 55 GeniSys employees will join Unity Life, a Foresters
Founded in 1874 as a fraternal benefit society, Foresters(TM) champions
the well being of families through quality life insurance, unique member
benefits and inspiring community activities. Foresters has assets of more than
$6.2 billion with liabilities of $5.0 billion resulting in a surplus of $1.2
billion (all figures in Canadian dollars as of December 31, 2008) and
maintains an "A" (Excellent) rating by A.M. Best(*). Foresters shares its
financial strength with more than 650,000 members in Canada, the United States
and the United Kingdom. Foresters Equity Services, Inc.(y), a wholly owned
subsidiary of Foresters, offers investment products in the U.S. Unity Life of
Canada(z), a wholly owned subsidiary of Foresters, represents Foresters in
Canada. Foresters is celebrating its 135th anniversary in 2009. For more
information, please visit www.foresters.com.
Foresters(TM) is a trademark of The Independent Order of Foresters, a
fraternal benefit society, 789 Don Mills Road, 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
(y) Investments offered through Foresters Equity Services, Inc. Member
FINRA, SIPC, 6640 Lusk Blvd., Suite A-202, San Diego, CA 92121
T. 858 550 4844.
(z) Unity Life of Canada, a Foresters company, is a wholly owned
subsidiary of The Independent Order of Foresters.
About Unity Life
Unity Life of Canada is a Canadian incorporated life insurance company,
which provides financial security to Canadians through innovative life
insurance products and services. The company originated in 1898 as the
Insurance Department of the Subsidiary High Court of the Ancient Order of
Foresters. It was incorporated as a mutual company in 1934, subsequently
changing its name to Toronto Mutual Life Insurance Company. In 2002, Toronto
Mutual Life amalgamated with its subsidiary, The Western Life Assurance
Company, as Unity Life of Canada. On April 2, 2008, Unity Life was converted
from a mutual life insurance company to a stock life insurance company owned
by Foresters. Based in Mississauga Ontario, Unity Life currently has more than
227,000 active policies and certificates, $15.6 billion of insurance in force,
and $637 million in assets (all figures in Canadian dollars as at December 31,
2008). Unity Life has been assigned an "A-"(Excellent) rating by A.M. Best(*).
Unity Life's Web address is www.unitylife.ca.
For further information:
For further information: For media queries, please contact: Unity
Life/Foresters, Irene Shimoda, (416) 429-3000 ext 4651, 1-877-664-6602 (toll