MISSISSAUGA, ON, Nov. 2 /CNW/ - Unity Life of Canada, a Foresters(TM) company, announced today the completion of the assumption reinsurance agreement under which Unity Life has acquired substantially all of the insurance business of MetLife Canada, a subsidiary of MetLife, Inc.
Under the agreement, which was announced on May 13, 2009, Unity Life has acquired from MetLife Canada approximately 100,000 life and health insurance policies and a small number of group annuity contracts.
The transaction, which includes policy liabilities of approximately $300 million (as at December 31, 2008) and related assets, was completed effective October 30, 2009, following receipt of required approvals from Canadian and U.S. regulatory authorities.
"Today's announcement reaffirms our continued commitment to our long term growth strategy that aims to strengthen our position and presence in our core markets," said Tony Poole, Unity Life President and CEO. "We are focused on growth through a combination of organic and non-organic means, including capitalizing on acquisitions that expand our business base and position us for future growth and success."
"This acquisition follows our acquisition of the business segment of GeniSys Management Solutions, announced on April 1st, 2009, and our December 31st, 2008 acquisitions of the Canadian insurance business of Forethought Life Insurance Company and of Washington National Insurance Company," adds Tony Poole.
Unity Life will continue to serve MetLife Canada's policyholders and provide them with their contracted insurance and annuity benefits.
About MetLife, Inc.
MetLife, Inc. is a leading provider of insurance, employee benefits and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions. Through its subsidiaries and affiliates, MetLife, Inc. reaches more than 70 million customers around the world and MetLife is the largest life insurer in the United States (based on life insurance in-force). The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance and retirement & savings products and services to corporations and other institutions. For more information, visit www.metlife.com.
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(TM). Based in Mississauga, Ontario, Unity Life currently has more than 227,000 active policies and certificates, $15.6 billion of insurance in force, and $637 million in assets (all figures in Canadian dollars as at December 31, 2008). Unity Life has been assigned an "A-"(Excellent) rating by A.M. Best. Unity Life's Web address is www.unitylife.ca.
Foresters(TM) is a trademark of The Independent Order of Foresters, a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9.
SOURCE UNITY LIFE OF CANADA
For further information: For further information: For media queries, please contact: Unity Life of Canada, a Foresters company, Irene Shimoda, Director, Public Relations, (416) 429-3000 ext. 4651, (877) 664-6602 Toll-free (North America), email@example.com