Unity Life of Canada and the Canadian Professional Sales Association (CPSA) today announced that, following receipt of CPSA membership and required regulatory approvals, Unity Life has completed the acquisition of the individual life and accidental death insurance policies of CPSA.

Now that this transaction is complete, CPSA intends to cease operating as a fraternal benefit society governed by the Insurance Companies Act (Canada) by continuing as a not-for-profit corporation governed by the Canada Corporations Act.

At a special meeting held in Toronto on November 16, CPSA members voted overwhelmingly to approve the transaction under which CPSA proposed to cease offering insurance benefits directly to its membership. Certain insurance benefits will continue to be provided to CPSA members by Unity Life, with no requirement for future premium payments.

Unity Life President and CEO Anthony Poole said: “This transaction comes at an important time in Unity Life’s 110-year history. This acquisition underlines our strategy to develop Unity Life as one of Canada’s leading niche insurers and provides added strength to our financial standings. We are committed to our well-established acquisition growth strategy.”

“CPSA is excited about the sale to Unity Life. Unity Life’s size and stability provides our members with a secure home for their insurance protection, and completing the transaction allows CPSA to pursue other business opportunities to better serve its members,” stated Harvey Copeman, CPSA’s president & CEO.

CPSA will continue to provide its members with a range of cost saving benefits and services along with its mandate as a professional training and development organization. The insurance policies, which have been acquired by Unity Life on an assumption reinsurance basis, now form part of Unity Life’s growing insurance operation that is committed to providing leading service and insurance products for Canadians.

Mississauga, Ont.-based Unity Life provides Canadians with life insurance products and services. It has more than 175,000 policyholders, $13 billion of insurance in force, and over $500 million in assets as at December 31.