Unity Life of Canada has entered into an agreement to acquire the remaining Canadian block of individual life and health insurance business of the New Jersey-based insurer, the Prudential Insurance Co. of America.
The acquisition is subject to regulatory approval and is expected to be completed later this year. Specifically, Unity Life would assume Prudential’s liabilities related to its Canadian intermediate and weekly premium life and Canadian individual health insurance business.
Unity Life says it is committed to maintaining the benefit and service level expectations of all policyholders. This acquisition adds scale to Unity Life of Canada’s book of business and fits in line with its ongoing strategy to pursue value-added acquisitions.
“Unity Life’s strategy is to focus on developing in targeted specialized niche markets. We have proven capabilities and expertise in servicing this type of business,” says Tony Poole, president of Unity Life. “At the same time, this acquisition continues our focus on maximizing our Canadian market presence. We will provide a level of service and security that will be advantageous to the policyholders involved in this transaction.”
Unity Life has made several acquisitions during its more than 100-year history, but this transaction represents the company’s single largest acquisition to-date.
Unity Life to acquire Prudential’s remaining Canadian business
Transaction represents Unity Life’s largest acquisition to date
- By: IE Staff
- June 5, 2006 June 5, 2006
- 10:29