Mississauga, ON, January 9, 2009 – Unity Life of Canada, a Foresters company, announced today the completion of the agreement under which Unity Life has acquired the insurance business of Forethought’s Canadian branch, Forethought Life Insurance Company.
Under the agreement with Forethought Financial Group which was announced on October 31, 2008, Unity Life acquires the Canadian block of approximately 20,000 funeral funding insurance policies, including net assets of approximately $82.4 million (as at December 31, 2008), pursuant to an assumption reinsurance transaction.
The transaction was completed effective December 31, 2008, following receipt of required approvals from Canadian and U.S. regulatory authorities.
“Today’s announcement of the expansion of Unity Life is an important development in our growth strategy,” said Tony Poole, Unity Life President and CEO. “Our strategy is to focus on 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 further strengthens Unity Life’s asset base and aligns well with our existing insurance portfolio of specialty products.” 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.
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.