Unity Life regains control of administration of its business
TORONTO, Sept. 25 /CNW/ - Foresters(TM) today announced the acquisition
of the business segment of GeniSys Management Systems that performs business
process outsourcing (BPO) for Unity Life of Canada, a Foresters company.
"This is a continuation of Foresters Canadian strategy to realize
synergies resulting from the acquisition of Unity Life earlier this year,"
said George Mohacsi, Foresters President and CEO. "Today's announcement gives
Foresters increased flexibility to integrate some of Unity Life's activities
so we can provide even better service to our customers and brokers."
Tony Poole, President and CEO of Unity Life, said: "This transaction
gives Unity Life control of the administration of its business and generates
cost efficiencies as we continue to mesh the complementary strengths of
Foresters and Unity Life. Today's acquisition will not affect our product
administration platform. We will continue to provide a high level of service
to our customers -- it's business as usual."
Approximately 55 GeniSys employees will become employees of Unity Life, a
Foresters company. The transaction is expected to be completed at the end of
Toronto-based GeniSys supports life insurance companies in managing their
policy administration processes.
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
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.
Founded in 1874 as a fraternal benefit society, Foresters(TM) helps
individuals and families achieve financial security with its innovative
portfolio of life insurance products and annuities. Foresters has assets of
more than $5.4 billion with liabilities of $4.0 billion resulting in a surplus
of $1.4 billion (all figures in Canadian dollars as of December 31, 2007) and
maintains an "A" (Excellent) rating by A.M. Best(*). Foresters shares its
financial strength with its members, who are customers, through complimentary
life, health and education benefits that help its more than 735,000 eligible
members and their families in Canada, the United States and the United
Kingdom. Foresters provides opportunities that inspire its members to make a
difference in their communities. Foresters Equity Services, Inc.(xx), a wholly
owned subsidiary of Foresters, offers investment products in the U.S. Unity
Life of Canada, a Foresters company(xxx), a wholly owned subsidiary of
Foresters, represents Foresters in Canada. For more information, please visit
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 ratings.
(xx) Investments offered through Foresters Equity Services, Inc. Member
FINRA, SIPC, 6640 Lusk Blvd., Suite A-202, San Diego, CA 92121 T. 858 550
(xxx) Unity Life of Canada, a Foresters company, is a wholly owned
subsidiary of The Independent Order of Foresters.
For further information:
For further information: For media queries, please contact: Foresters,
Stephanie Petroff, (416) 429-3000 ext 4766, 1-800-461-8431 ext 4766 (toll