Canadian block of individual insurance policies includes Participating and Non Participating Life and Disability
Mississauga, ON, December 1, 2008 – Unity Life of Canada, a Foresters company, and Washington National Insurance Company today announced that they have entered into an agreement under which Unity Life will acquire the individual insurance business of Washington National’s Canadian branch.
Under the agreement, which is subject to Canadian and U.S. regulatory approval, Unity Life will acquire Washington National’s Canadian block of individual life insurance and occupational disability insurance policies pursuant to an assumption reinsurance transaction.
It is anticipated that the transaction will be completed on or about December 31, 2008. Following its completion, Washington National will close its Canadian branch.
“Today’s announcement is another step forward in achieving our growth strategy of targeting blocks of business that complement Unity Life’s market niche and area of expertise,” said Unity Life President and CEO, Tony Poole. “This addition comes on the heels of our announcements on September 25th regarding the acquisition of the business segment of GeniSys Management Solutions that performs business process outsourcing and on October 31st regarding the acquisition of the Canadian insurance business of Forethought Financial Group. These transactions demonstrate Unity Life’s 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 Washington National’s Canadian policyholders and provide them with their contracted benefits and services as a leading provider of niche insurance products and services.
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 ForestersTM. 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.Tags: outlook, report, Valen Analytics