Toronto, ON, August 5, 2011 – Communication Workers Friendly Society (CWFS) merger into Forester Life, the United Kingdom (UK) operations of ForestersTM, has been completed.
Announced in February 2011, the transfer of engagements of UK based CWFS to Forester Life was recently approved by the Financial Services Authority (FSA) and the CWFS’ members. This merger will benefit thousands of communication workers across the UK by providing an opportunity for greater returns on their savings and access to a wider range of financial products.
“Foresters is pleased to have completed the CWFS merger into Forester Life,” said Foresters President and CEO George Mohacsi. “It supports Foresters growth strategy by strengthening our market position in the United Kingdom.”
CWFS is a with-profits provider with assets under management of CDN$168.5m (£105m) and approximately 26,000 members. Forester Life has assets of over CDN$1,043m (£650m) and more than 210,000 members. CWFS retains sufficient capital to meet policyholder liabilities and FSA requirements, and at its last valuation had a capital coverage ratio of 217%*.
Founded in 1874 as a fraternal benefit society, Foresters™ champions the well-being of families through quality life insurance, unique member benefits and inspiring community activities. Foresters shares its financial strength with more than 835,000 members in the United States, Canada and the United Kingdom. Unity Life of Canada1, a wholly owned subsidiary of Foresters, represents Foresters in Canada. For more information, please visit www.foresters.com.
Foresters™ is the trade name and a trademark of The Independent Order of Foresters, a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9; its subsidiaries are licensed to use this mark.
1 Unity Life of Canada, a Foresters company, is a wholly owned subsidiary of The Independent Order of Foresters
* Interim valuation 30 June 2010