Unity Life of Canada and the Canadian Professional Sales Association have announced that, following receipt of CPSA membership and required regulatory approvals, Unity has completed the acquisition of the individual life and accidental death insurance policies of CPSA.
As the transaction is completed, Canadian Professional Sales Association (CPSA) intends to cease operating as a fraternal benefit society governed by the Insurance Companies Act by continuing as a not-for-profit corporation governed by the Canada Corporations Act. Certain insurance benefits will continue to be provided to CPSA members by Unity Life, with no requirement for future premium payments.
Anthony Poole, president and CEO of Unity Life, said: This transaction comes at an important time in Unity Life’s 110-year history. This acquisition underlines our strategy to develop Unity Life as one of Canada’s leading niche insurers and provides added strength to our financial standings. We are committed to our well-established acquisition growth strategy.