Foresters, a provider of life insurance products and annuities, has acquired the business segment of GeniSys Management Systems that performs business process outsourcing for Unity Life of Canada.
Approximately 55 GeniSys employees will become employees of Unity Life, a Foresters company. The transaction is expected to be completed at the end of February 2009. Toronto-based GeniSys supports life insurance companies in managing their policy administration processes.
George Mohacsi, president and CEO of Foresters, said: This is a continuation of Foresters Canadian strategy to realize synergies resulting from the acquisition of Unity Life earlier in 2008. Today’s announcement gives Foresters increased flexibility to integrate some of Unity Life’s activities so we can provide even better service to our customers and brokers.
Tony Poole, president and CEO of Unity Life, said: This transaction gives Unity Life control of the administration of its business and generates cost efficiencies as we continue to mesh the complementary strengths of Foresters and Unity Life. The acquisition will not affect our product administration platform.