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Unity Life completes acquisition of insurance business of MetLife Canada

 

Tuesday, Nov 03,2009, 10:16:44 PM   Click:


Unity Life of Canada has announced the completion of the assumption reinsurance agreement under which the company has acquired substantially all of the insurance business of MetLife Canada, a subsidiary of MetLife.

Unity Life said that it will continue to serve MetLife Canada's policyholders and provide them with their contracted insurance and annuity benefits.

Tony Poole, Unity Life's president and CEO, said: "The announcement reaffirms our continued commitment to our long-term growth strategy that aims to strengthen our position and presence in our core markets. 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."


Under the agreement, Unity Life has acquired from MetLife Canada approximately 100,000 life and health insurance policies and a small number of group annuity contracts.

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