Unity Life completes acquisition of insurance business of MetLife Canada
MISSISSAUGA - Unity Life of Canada, a Foresters(TM) company, announced today the completion of the assumption reinsurance agreement under which Unity Life has acquired substantially all of the insurance business of MetLife Canada, a subsidiary of MetLife, Inc.
Under the agreement, which was announced on May 13, 2009, Unity Life has acquired from MetLife Canada approximately 100,000 life and health insurance policies and a small number of group annuity contracts.
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 U.S. regulatory authorities.
"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," said Tony Poole, Unity Life President and CEO. "We are focused on growth through a combination of organic and non-organic means, including capitalizing on acquisitions that expand our business base and position us for future growth and success."
"This acquisition follows our acquisition of the business segment of GeniSys Management Solutions, announced on April 1st, 2009, and our December 31st, 2008 acquisitions of the Canadian insurance business of Forethought Life Insurance Company and of Washington National Insurance Company," adds Tony Poole.
Unity Life will continue to serve MetLife Canada's policyholders and provide them with their contracted insurance and annuity benefits.