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| May 13, 2009: Unity Life announces agreement to acquire insurance business of MetLife Canada... |
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Unity Life of Canada, a Foresters(TM) company, and MetLife Canada, a subsidiary of MetLife, Inc., today announced that they have entered into an agreement under which Unity Life will acquire substantially all of the insurance business of MetLife Canada.
Under the agreement, which is subject to regulatory approval, Unity Life will acquire MetLife Canada's block of approximately 100,000 life and health insurance policies and a small number of group annuity contracts, including policy liabilities of approximately $300 million and related assets, pursuant to an assumption reinsurance transaction. The transaction is Unity Life's largest acquisition to date. It is anticipated that the transaction will be completed before the end of the year. The value of the transaction was not disclosed. Following the transaction close date, Unity Life will continue to serve MetLife Canada's policyholders and provide them with their contracted insurance and annuity benefits. *Foresters(TM) is a trademark of The Independent Order of Foresters, a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9. E.&O.E. |
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