MISSISSAUGA, ON, June 5, 2006 – Unity Life of Canada (Unity Life) today announced it has entered into an agreement to acquire the remaining Canadian block of individual life and health insurance business of the New Jersey-based insurer The Prudential Insurance Company of America (Prudential). The acquisition is subject to regulatory approval, and is expected to be completed later this year.
Specifically, Unity Life would assume Prudential’s liabilities related to its Canadian Intermediate and Weekly Premium life and Canadian Individual Health insurance business.
Unity Life is committed to maintaining the benefit and service level expectations of all policyholders. This acquisition adds scale to Unity Life of Canada’s book of business and demonstrates the company’s ongoing strategy to pursue value-added acquisitions.
Tony Poole, President of Unity Life of Canada, states: “Unity Life’s strategy is to focus on developing in targeted specialized niche markets. We have proven capabilities and expertise in servicing this type of business. At the same time, this acquisition continues our focus on maximizing our Canadian market presence. We will provide a level of service and security that will be advantageous to the policyholders involved in this transaction.”
Unity Life of Canada has made several acquisitions during its more than 100-year history. This transaction represents the company’s single largest acquisition to-date.
About Unity Life of Canada
Unity Life of Canada originated in 1898 as the Insurance Department of the Subsidiary High Court of the Ancient Order of Foresters. This was followed in 1934 with incorporation as a mutual life insurance company, and a name change to Toronto Mutual Life Insurance Company in 1939. In 2002, Toronto Mutual Life amalgamated with subsidiary company, The Western Life Assurance Company, under a new identity, Unity Life of Canada, representing renewed vigour, strength and purposes.
Unity Life’s overriding mandate is the provision of financial security to our policyholders. Our vision of ensuring quality of life is met through our focus on protection, security and well being of Canadians. At the core of Unity Life is an innovative and entrepreneurial drive built on achieving quality results, our commitment to serve, success through our people and partners, a drive for continuous improvement and learning, and a passion to achieve and excel in all that we do. Whether it is bringing innovative financial solutions to market or providing the technology and infrastructure to make doing business easier, we deliver unique and targeted solutions which provide value to our policyholders.