Foresters today announced the acquisition of the business segment of GeniSys Management Systems that performs business process outsourcing BPO for Unity Life of Canada, a Foresters company.This is a continuation of Foresters Canadian strategy to realize synergies resulting from the acquisition of Unity Life earlier this year, said George Mohacsi, Foresters President and CEO. Todays announcement gives Foresters increased flexibility to integrate some of Unity Lifes activities so we can provide even better service to our customers and brokers.
Tony Poole, President and CEO of Unity Life, said: This transaction gives Unity Life control of the administration of its business and generates cost efficiencies as we continue to mesh the complementary strengths of Foresters and Unity Life. Todays acquisition will not affect our product administration platform. We will continue to provide a high level of service to our customers ,its business as usual.
Approximately 55 GeniSys employees will become employees of Unity Life, a Foresters company. The transaction is expected to be completed at the end of February 2009.
Toronto based GeniSys supports life insurance companies in managing their policy administration processes.
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. Based in Mississauga Ontario, Unity Life currently has more than 192,000 active policies and certificates, USD13.8 billion of insurance in force, and USD562 million in assets.