TORONTO, April 1, 2014 /CNW/ - Dick Freeborough, Chairman of ForestersTM Board of Directors, today announced the appointment of Anthony (Tony) Garcia as Foresters new President and Chief Executive Officer, effective May 1, 2014. Garcia succeeds current President and Chief Executive Officer George Mohacsi, who will retire from the organization on June 30, 2014.
With more than 26 years of executive management and leadership experience in the US life and annuity industry, Garcia was most recently President of Western and Southern Agency Group in Cincinnati, Ohio. Previously, he was President and Chief Executive Officer of TIAA-CREF Life Insurance Company. Other financial services industry experience includes positions with Allstate, HSBC and the HealthMarkets life and health subsidiaries. Garcia currently serves on the Board of Trustees for the American College and Board of Trustees for the Center of Ethics for the American College. Formerly, he served on the Board of Directors for the American Council of Life Insurers.
"Tony Garcia is an outstanding choice who brings broad experience in the US life and annuity industry, successfully leading transformational change and driving profitable growth," says Freeborough. "Foresters Board is confident that he is best suited to continue Foresters important fraternal mission and lead the organization into its next period of growth and prosperity."
"The Board is thankful for the strong organization George and his leadership team have built for the future," Freeborough added. "The progress achieved will provide a strong basis for Tony as he leads the organization going forward."
Garcia and his family will be relocating to Toronto and look forward to making Canada their home and becoming active and contributing members of our community.
For 140 years, Foresters™, an international financial services provider, has fulfilled its purpose to enhance family well-being for its members and the communities where they live. A fraternal benefit society, Foresters offers quality life insurance and investment products, unique member benefits and inspiring community activities. Foresters shares its financial strength with more than 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 strength.
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 3, 2013, 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.
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