Unity Life of Canada has completed the agreement under which Unity Life has acquired the individual insurance business of Washington National’s Canadian branch, the company said Monday.

Under the agreement with Washington National which was announced on Dec.1, 2008, Unity Life acquires the Canadian block of individual life insurance and occupational disability insurance policies pursuant to an assumption reinsurance transaction.

The transaction was completed effective Dec. 31, 2008, following receipt of required approvals from Canadian and U.S. regulatory authorities.

“Today’s announcement continues the expansion of Unity Life following the acquisition of the Canadian insurance business of Forethought Financial Group,” said Tony Poole, Unity Life president and CEO, in a news release.

“Our growth strategy is to focus on blocks of business that complement Unity Life’s market and area of expertise, and reinforces our commitment to becoming Canada’s leading niche insurer. These additions further strengthen Unity Life’s asset base and align well with our existing insurance portfolio of specialty products,” Poole added.

Unity Life said it will continue to serve Washington National’s Canadian policyholders and provide them with their contracted benefits and services.

Based in Mississauga, Ont., Unity Life is owned by The Independent Order of Foresters.

IE