Unity Life gains greater administration control
Toronto, ON, April 1, 2009 – Unity Life of Canada, a Foresters company, today announced the completion of the agreement under which Unity Life has acquired the business segment of GeniSys Management Systems that performs business process outsourcing (BPO) for the company. GeniSys is an international provider of insurance administration services, headquartered in Canada.
“Today’s announcement will enable us to focus on profitable growth in the Canadian market as both Foresters and Unity Life will benefit from the efficiencies of shared services,” said George Mohacsi, Foresters President and CEO. “With the acquisition of Unity Life in 2008, Foresters created a strong national presence with the integration of Unity Life and our existing Canadian business.”
Tony Poole, President and CEO of Unity Life, said, “This acquisition gives Unity Life greater control over our administration and the flexibility to develop new, more efficient administrative processes. In addition, it will enable Unity Life to continue its focus on key specialty markets and best of breed products and services available through our national network of independent distributors. This winning strategy resulted in Unity Life being one of Canada’s fastest growing life insurers in 2008.”
Approximately 55 GeniSys employees will join Unity Life, a Foresters company.
Founded in 1874 as a fraternal benefit society, ForestersTM champions the well being of families through quality life insurance, unique member benefits and inspiring community activities. Foresters has assets of more than $6.2 billion with liabilities of $5.0 billion resulting in a surplus of $1.2 billion (all figures in Canadian dollars as of December 31, 2008) and maintains an “A” (Excellent) rating by A.M. Best*. Foresters shares its financial strength with more than 650,000 members in Canada, the United States and the United Kingdom. Foresters Equity Services, Inc.�, a wholly owned subsidiary of Foresters, offers investment products in the U.S. Unity Life of Canada�, a wholly owned subsidiary of Foresters, represents Foresters in Canada. Foresters is celebrating its 135th anniversary in 2009. For more information, please visit www.foresters.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 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.