MISSISSAUGA, ON, Jan. 9 /CNW/ - Unity Life of Canada, a Foresters
company, announced today the completion of the agreement under which Unity
Life has acquired the insurance business of Forethought's Canadian branch,
Forethought Life Insurance Company.
Under the agreement with Forethought Financial Group which was announced
on October 31, 2008, Unity Life acquires the Canadian block of approximately
20,000 funeral funding insurance policies, including net assets of
approximately $82.4 million (as at December 31, 2008), 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 of the expansion of Unity Life is an important
development in our growth strategy," said Tony Poole, Unity Life President and
CEO. "Our 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. This addition further strengthens Unity Life's
asset base and aligns well with our existing insurance portfolio of specialty
Unity Life will continue to serve Forethought'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, (877) 664 6602 Toll-free (North America),
firstname.lastname@example.org; Unity Life of Canada, a Foresters company, Stephanie
Petroff, PR Specialist, (416) 429-3000 ext 4766, 1-800-461-8431 ext 4766
Toll-free (North America), email@example.com