A strategic move to strengthen its position in core markets
Unity Life of Canada, a Foresters company, has acquired substantially all of the insurance business of MetLife Canada.
Under the agreement, Unity Life has acquired approximately 100,000 life and health insurance policies and a small number of group annuity contracts from MetLife Canada.
The transaction, which includes policy liabilities of approximately $300 million (as at December 31, 2008) and related assets, was completed effective October 30, 2009, following receipt of required approvals from Canadian and US regulatory authorities.
Tony Poole, Unity Life president and CEO, said: Today’s announcement reaffirms our continued commitment to our long term growth strategy that aims to strengthen our position and presence in our core markets. We are focused on growth through a combination of organic and non-organic means, including capitalising on acquisitions that expand our business base and position us for future growth and success.
Unity Life said that it will continue to serve MetLife Canada’s policyholders and provide them with their contracted insurance and annuity benefits.