Foresters and Canada Protection Plan will use each other’s capabilities and leverage mobile and technology-enabled operations
Canadian insurer Foresters Financial and Canada Protection Plan have planned to merged their operations, creating a new organisation that is said to benefit their customers, advisors and employees.
Headquartered in Toronto, Canada, the two companies also plan to use each other’s best practices and leverage their mobile and technology-enabled operations, which are considered to be the need of the hour due to the Covid-19 pandemic situation.
The companies have ensured that the status of existing certificate and policyholders will remain the same.
The deal, which is subject to regulatory approval, is expected to be beneficial for customers and members, as they will now have a choice from a broad range of products with improved sales, marketing and service technology.
The new entity to be branded as Canada Protection Plan, A Foresters Financial Company
The new entity will be branded as Canada Protection Plan, A Foresters Financial Company. The Foresters Financial brand will remain the same in all other markets.
Foresters Financial president and CEO Jim Boyle said: “We’re thrilled to make our longstanding partnership with Canada Protection Plan official. Foresters is strongly committed to its life insurance business in North America, and this agreement fits perfectly with our long-term goals.
“It will accelerate the expansion of our business in Canada, and we will be well-positioned to grow – through innovation, new product development and independent distribution.”
Foresters Financial and Canada Pension Plan claim that they share a common purpose-driven culture and vision for growth, with leadership that can guide them through the next phase.
The two companies have also assured that the status of their respective employees remains unchanged.
Canada Protection Plan chief distribution officer and co-president Michael Aziz said: “This is an exciting day for both organizations. It’s a significant investment in the future of Canada Protection Plan and is the next step on our shared goals of driving growth in the Canadian market.
“Joining with Foresters is a logical evolution for our company. It will open doors to new opportunities for our customers, employees and advisors.”
Deloitte and Fasken Martineau DuMoulin have advised Foresters on the transaction.