Unity Life of Canada today announced it has signed an agreement to acquire the Canadian Insurance business of Lincoln Heritage Life Insurance Co. Lincoln Heritage Life operates in Canada as Superior Life.
The transaction, pending regulatory approval, is effective as of Jan. 1, 2004. Financial terms were not disclosed.
According to Unity Life, this aquisitions adds scale to its book of life business and demonstrates the company’s ongoing strategy to pursue value-added acquisitions.
Policy administration services will be provided on behalf of Unity Life by Genisys an international provider of front and back-end policy administration services for the life and health insurance market.
Unity Life of Canada was formed in 2002 when Toronto Mutual Life Insurance Co. amalgamated with its subsidiary company, The Western Life Assurance Co.