TORONTO, Nov. 29, 2012 /CNW/ - Dick Freeborough, Chairman of Foresters™ Board of Directors, announced today the election of Sonia Baxendale as the newest member of the Board. As part of her responsibilities, Sonia will join the Board's Audit, Risk and Investment Committee.
"I am very pleased that Ms Baxendale, one of the most highly respected women in Canadian banking, has agreed to join Foresters Board of Directors," says Freeborough. "Her experience with corporate boards combined with her distinguished career in the financial sector will greatly enhance our ability to serve our members."
Baxendale has almost two decades of progressive financial experience in both Canada and the Caribbean, holding leadership roles in asset management, global private banking and investment management. Most recently, she served as President, CIBC Retail Banking and Wealth Management, where she was accountable for 80 percent of the corporation's revenue and profitability. She also spent several years with Amex Bank of Canada. Baxendale graduated from the University of Toronto in 1984 with an Honours Bachelor of Arts in Political Science and Economics.
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 over $8.6 billion with liabilities of $7.1 billion resulting in a surplus of $1.4 billion1 (all figures in Canadian dollars as of December 31, 2011) and maintains an "A" (Excellent) rating by A.M. Best2. For more information, visit foresters.com.
1This surplus represents excess funds above the amount required as legal reserves for insurance and annuity certificates in force and provides additional assurances to our members for our 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 Foresters rating on July 6, 2012, A.M. Best stated that the rating outlook is "stable", which means it is unlikely to change in the near future. See ambest.com for our latest rating.
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