James M. Bowden, Michael P. Stramaglia and Wendy A. Watson elected at
Foresters International Assembly in Las Vegas
TORONTO, June 27, 2013 /CNW/ - International life insurance provider
Foresters™ has announced today the election of its board of directors
by its members for a four-year term of office running from 2013 to
2017. The new board comprises 11 returning members and three new
members elected for the first time.
"Foresters Board will be further strengthened by the addition of these
new directors," says Dick Freeborough, Chairman of the Board of
Directors. "Their business acumen and expertise in corporate
governance combined with their distinguished careers will further
enhance our ability to serve our members and oversee the management of
The Board of Directors is responsible for the business and fraternal
affairs of Foresters. A listing of the 15-member Board, directors'
biographies and committees is available on the Corporate Governance
section of the Foresters website.
James M. (Jim) Bowden of Garland, TX, worked for 15 years with the Internal Revenue Service as an agent excise
tax specialist. He continued his career in a diversified sales and
management field from which he retired in 2007. After retirement he
formed and operated JiNiN-Co Enterprises, an assembly manufacturing
company, with his wife Nina Bowden.
Jim's association with Foresters began in 1974. He has held various
Branch and Regional positions, and most recently, served as Regional
Council President of the Central US Regional Council.
Michael P. Stramaglia of Toronto, ON, is a professional corporate director and President/Owner
of Matrisc Advisory Group Inc., a risk management consulting company.
He previously served as an Executive Vice President for Sun Life
Financial from 2002-2012 where he held various senior executive
positions including Chief Risk Officer and Executive Vice-President,
Michael currently serves as independent director with the Economical
Insurance Group. He previously served as director of Sun Life
Financial Trust, Clarica U.S. Inc., Perigee Inc., Zurich Life Insurance
Company of Canada, Zurich Indemnity Insurance Company of Canada, and
Federal Kemper Life Insurance Company of America.
Wendy A. Watson of Boston, MA, has over 35 years of experience in the financial services
industry, retiring in 2009 from State Street as Executive Vice
President, Global Services, where she established large operations in
India, China and Poland.
Wendy is currently a director of Citizen's Financial Group, CMA Holdings
Canada and DAS Canada Insurance Company (a subsidiary of Munich Re).
Her years of board service also include chair of the Board of two of
State Street Bank's multinational entities - State Street Syntel
Private Ltd (India) and State Street Syntel Services Ltd (Mauritius).
Foresters™ is a life insurance provider with a difference. The
fraternal benefit society, founded in 1874, supports family well-being
through quality products, unique member benefits and inspiring
community activities. Foresters shares its financial strength with over
one million members in Canada, the United States and the United
Kingdom. Foresters has assets of $9 billion with liabilities of $7.5
billion resulting in a surplus of $1.5 billion1 (all figures in Canadian dollars as of December 31, 2012) and maintains
an "A" (Excellent) rating by A.M. Best2. Foresters subsidiary Foresters Life Insurance Company's rating is "A"
and First Investors Life Insurance Company, also a Foresters
subsidiary, received an "A-" rating. For more information, visit foresters.com.
ForestersTM is the trade name and a trademark of The Independent Order of
Foresters, a fraternal benefit society, 789 Don Mills Road, Toronto,
Canada M3C 1T9; its subsidiaries are licensed to use this mark.
1This surplus represents excess funds above the amount required as legal
reserves for insurance and annuity certificates in force and provides
additional assurances to members for Foresters long term financial
2 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 the
ratings for The Independent Order of Foresters (Foresters) and its
subsidiaries Foresters Life Insurance Company and First Investors Life
Insurance Company on July 6, 2012, A.M. Best stated that the outlook
for all ratings is "stable", which means they are unlikely to change in
the near future. See ambest.com for the latest ratings.
For further information:
For media inquiries, please contact:
T 416 429 3000 x4763
T 800 461 8431 x4763 Toll-free (NA)