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| November 02, 2009: Unity Life completes acquisition of insurance business of MetLife Canada... |
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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. Unity Life will continue to serve MetLife Canada's policyholders and provide them with their contracted insurance and annuity benefits. About Unity Life: Unity Life of Canada is a Canadian incorporated life insurance company, which provides financial security to Canadians through innovative life insurance products and services. The company originated in 1898 as the Insurance Department of the Subsidiary High Court of the Ancient Order of Foresters. It was incorporated as a mutual company in 1934, subsequently changing its name to Toronto Mutual Life Insurance Company. In 2002, Toronto Mutual Life amalgamated with its subsidiary, The Western Life Assurance Company, as Unity Life of Canada. On April 2, 2008, Unity Life was converted from a mutual life insurance company to a stock life insurance company owned by Foresters(TM). Based in Mississauga, Ontario, Unity Life currently has more than 227,000 active policies and certificates, $15.6 billion of insurance in force, and $637 million in assets (all figures in Canadian dollars as at December 31, 2008). Foresters(TM) is a trademark of The Independent Order of Foresters, a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9. {Based on press release} E.&O.E. |
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