Forethought's Canadian block of individual and group insurance policies
aligned with Unity Life's existing insurance portfolio
MISSISSAUGA, ON, Oct. 31 /CNW/ - Unity Life of Canada, a Foresters
company, and Forethought Financial Group, Inc. today announced that they have
entered into an agreement under which Unity Life will acquire the insurance
business of Forethought's Canadian branch, Forethought Life Insurance Company.
Forethought is a leading U.S. based provider of insurance and financial
solutions related to retirement and end of life expenses.
Under the agreement, which is subject to Canadian and U.S. regulatory
approval, Unity Life will acquire Forethought's Canadian block of
approximately 20,000 funeral funding insurance policies, including policy
liabilities of approximately $90.6 million and related assets, pursuant to an
assumption reinsurance transaction.
It is anticipated that the transaction will be completed on or about
December 31, 2008. Following its completion, Forethought will close its
In announcing the agreement, Unity Life President and CEO, Tony Poole
said, "This transaction reaffirms our growth strategy of targeting blocks of
business that complement Unity Life's market and area of expertise, and
reinforces our commitment to becoming Canada's leading niche insurer. This
addition will further strengthen Unity Life's asset base and aligns well with
our existing insurance portfolio of specialty products."
John Graf, President, Chairman and CEO of Forethought commented, "Unity
Life's complementary culture, exceptional service infrastructure, and vision
will ensure that our Canadian policyholders have a secure home for their
pre-need insurance protection."
Adds Tony Poole, "Today's news follows our September 25th announcement of
the purchase of the business segment of GeniSys Management Solutions that
performs business process outsourcing, as part of Unity Life's strategy to
generate ongoing enhancements in service quality and cost efficiencies. Both
transactions demonstrate our commitment to continue to expand our Canadian
organization, improve our financial results and maintain a leadership position
in our core markets."
The value of the transaction was not disclosed. Upon its completion,
Unity Life will continue to serve Forethought's Canadian policyholders and
provide them with their contracted benefits and services as a leading provider
of niche insurance products and services.
Forethought Financial Group, Inc., through its subsidiaries, provides
innovative insurance and financial solutions for families managing retirement
and end-of-life needs. Headquartered in Indianapolis, Indiana, our companies
provide life insurance, trust services, and annuities. Forethought's insurance
affiliates include Forethought Life Insurance Company and Forethought National
Life Insurance Company. Collectively, the insurance companies are licensed to
sell in 49 states, the District of Columbia and Puerto Rico. Forethought also
provides trust services in 28 states and the District of Columbia.
Forethought, through its life insurance subsidiaries, has assets owned and
under management in excess of $3.7 billion, approximately $720 million in
annual revenue, more than $5.0 billion of life insurance and annuity business
in force, and has served more than 2 million policyholders since 1985.
Forethought's Web address is www.forethought.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. 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.
For further information:
For further information: For media queries, please contact: Unity Life
of Canada, Irene Shimoda, Director, Public Relations, Direct: (416) 429-3000
(Ext. 4651), Toll-free (North America) (877) 664-6602, Email:
firstname.lastname@example.org; Forethought Financial Group, Judy Sinclair, Director,
Corporate Services, Direct: (317) 223-2702, E-mail: