Under the agreement Unity Life acquires the Canadian block of approximately 20,000 funeral funding insurance policies
Unity Life of Canada, a life insurance company, has acquired the insurance business of Forethought’s Canadian branch, Forethought Life Insurance.
Under the agreement with Forethought Financial which was announced in October 2008, Unity Life acquires the Canadian block of approximately 20,000 funeral funding insurance policies, including net assets of approximately $82.4 million, pursuant to an assumption reinsurance transaction.
Unity Life said that it will continue to serve Forethought’s Canadian policyholders and provide them with their contracted benefits and services as a leading provider of niche insurance products and services.
Tony Poole, president and CEO of Unity Life, said: Today’s announcement of the expansion of Unity Life is an important development in our growth strategy. Our strategy is to focus on blocks of business that complement Unity Life’s market and area of expertise, and reinforces our commitment to becoming Canada’s leading niche insurer. This addition further strengthens Unity Life’s asset base and aligns well with our existing insurance portfolio of specialty products.
John Graf, President, Chairman and CEO of Forethought commented, “Unity Life’s complementary culture, exceptional service infrastructure, and vision will ensure that our Canadian policyholders have a secure home for their pre-need insurance protection.”
Unity Life of Canada is a Canadian incorporated life that provides Canadians financial security through life insurance products and services.