Unity Life completes acquisition of business segment of GeniSys
Unity Life completes acquisition of business segment of GeniSys
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.
About Foresters
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.
ForestersTM is a trademark of The Independent Order of Foresters, a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9.
*An "A" (Excellent) rating is assigned to companies that have a strong ability to meet their ongoing obligations to policyholders and have, on balance, excellent balance sheet strength, operating performance and business profile when compared to the standards established by A.M. Best Company. In assigning Foresters rating, A.M. Best stated that Foresters rating outlook is "stable", which means it is unlikely to change in the near future, assuming Foresters financial strength is maintained and operations grow. A.M. Best assigns ratings from A++ to F, A++ being superior ratings and A and A- being excellent ratings.
† Investments offered through Foresters Equity Services, Inc. Member FINRA, SIPC, 6640 Lusk Blvd., Suite A-202, San Diego, CA 92121 T. 858 550 4844.
‡ Unity Life of Canada, a Foresters company, is a wholly owned subsidiary of The Independent Order of Foresters.
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 Foresters. Based in Mississauga Ontario, Unity Life currently has more than 227,000 active policies and certificates, $15.6 billion of insurance in force, and $637 million in assets (all figures in Canadian dollars as at December 31, 2008). Unity Life has been assigned an "A-"(Excellent) rating by A.M. Best*. Unity Life's Web address is www.unitylife.ca.
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Last Modified:
April 01, 2009
406141 CAN (03/09)
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