TORONTO, Dec. 17 /CNW/ - Unity Life of Canada (Unity Life) and the
Canadian Professional Sales Association (CPSA) today announced that, following
receipt of CPSA membership and required regulatory approvals, Unity Life has
completed the acquisition of the individual life and accidental death
insurance policies of CPSA. Now that this transaction is complete, CPSA
intends to cease operating as a fraternal benefit society governed by the
Insurance Companies Act (Canada) by continuing as a not-for-profit corporation
governed by the Canada Corporations Act.
At a special meeting held in Toronto on November 16, 2007, CPSA members
voted overwhelmingly to approve the transaction under which CPSA proposed to
cease offering insurance benefits directly to its membership. Certain
insurance benefits will continue to be provided to CPSA members by Unity Life,
with no requirement for future premium payments.
Unity Life President and CEO Anthony Poole said: "This transaction comes
at an important time in Unity Life's 110-year history. This acquisition
underlines our strategy to develop Unity Life as one of Canada's leading niche
insurers and provides added strength to our financial standings. We are
committed to our well-established acquisition growth strategy."
"CPSA is excited about the sale to Unity Life. Unity Life's size and
stability provides our members with a secure home for their insurance
protection, and completing the transaction allows CPSA to pursue other
business opportunities to better serve its members," said Harvey Copeman,
CPSA's President & CEO.
CPSA will continue to provide its members with a range of cost saving
benefits and services along with its mandate as a professional training and
development organization. The insurance policies, which have been acquired by
Unity Life on an assumption reinsurance basis, now form part of Unity Life's
growing insurance operation that is committed to providing leading service and
insurance products for Canadians.
About Unity Life of Canada
Unity Life is a Canadian incorporated mutual life insurance company owned
by its participating policyholders. Based in Mississauga, the company 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.
Unity Life has more than 175,000 policyholders, $13 billion of insurance in
force, and over $500 million in assets (as at Dec 31, 2007). Unity Life's Web
address is www.unitylife.ca.
About Canadian Professional Sales Association
CPSA is a national organization with approximately 27,000 sales and
marketing professionals as members. Founded in 1874 it was previously known as
the Commercial Travelers Association. CPSA provides its members with a range
of professional development programs and benefits, which allow members to
receive significant savings on travel, business costs and more.
For further information:
For further information: Media Contacts: CPSA, Anna Maria Calaminici,
(416) 408-2685 ext.279, firstname.lastname@example.org; Unity Life, Alison Stemp, (905)