MISSISSAUGA, ON, Jan. 12 /CNW/ - Unity Life of Canada, a Foresters
company, announced today the completion of the agreement under which Unity
Life has acquired the individual insurance business of Washington National's
Under the agreement with Washington National which was announced on
December 1, 2008, Unity Life acquires the Canadian block of individual life
insurance and occupational disability insurance policies pursuant to an
assumption reinsurance transaction.
The transaction was completed effective December 31, 2008, following
receipt of required approvals from Canadian and U.S. regulatory authorities.
"Today's announcement continues the expansion of Unity Life following the
acquisition of the Canadian insurance business of Forethought Financial
Group," said Tony Poole, Unity Life President and CEO. "Our growth strategy is
to focus on blocks of business that complement Unity Life's market and area of
expertise, and reinforces our commitment to becoming Canada's leading niche
insurer. These additions further strengthen Unity Life's asset base and align
well with our existing insurance portfolio of specialty products."
Unity Life will continue to serve Washington National's Canadian
policyholders and provide them with their contracted benefits and services as
a leading provider of niche insurance products and services.
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(TM). Based in Mississauga Ontario, Unity Life currently has more
than 192,000 active policies and certificates, $13.8 billion of insurance in
force, and $562 million in assets (all figures in Canadian dollars as at
December 31, 2007). Unity Life has been assigned an "A-"(Excellent) rating by
A.M. Best. Unity Life's Web address is www.unitylife.ca.
Foresters(TM) is a trademark of The Independent Order of Foresters, a
fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9.
For further information:
For further information: For media queries, please contact: Unity Life
of Canada, a Foresters company, Irene Shimoda, Director, Public Relations,
(416) 429-3000 ext. 4651, 1-877-664-6602 Toll-free (North America),