The Union of Two Great Canadian Organizations Will Form the Most Innovative Customer, Member- and Advisor-Centric Life Insurer in Canada
TORONTO, Oct. 2, 2020 /PRNewswire/ – Fraternal life insurer Foresters Financial (“Foresters”) and Canada Protection Plan, a leading distributor of No Medical and Simplified Issue life insurance, today announced they are joining forces in an amalgamation that will benefit their customers, advisors and employees.
Bringing together the industry-leading sales and marketing power of Canada Protection Plan with the well-capitalized, purpose-driven Foresters Financial, this union will amplify the strengths of each organization and create the most innovative customer-, member- and advisor-centric life insurer in Canada. Headquartered in Toronto, where they intend to remain, the organizations will benefit from the sharing of best practices, leveraging their innovative mobile and technology-enabled operations that are more important now than ever as customers and advisors move to contactless solutions.
“We’re thrilled to make our longstanding partnership with Canada Protection Plan official,” said Jim Boyle, President and Chief Executive Officer, Foresters Financial. “Foresters is strongly committed to its life insurance business in North America and this agreement fits perfectly with our long-term goals. It will accelerate the expansion of our business in Canada and we will be well positioned to grow – through innovation, new product development and independent distribution.”
“This is an exciting day for both organizations,” said Michael Aziz, Canada Protection Plan Chief Distribution Officer and Co-President. “It’s a significant investment in the future of Canada Protection Plan and is the next step on our shared goals of driving growth in the Canadian market. Joining with Foresters is a logical evolution for our company. It will open doors to new opportunities for our customers, employees and advisors.”
The two organizations share a common purpose-driven culture and vision for growth, with committed leadership teams who will help guide the organizations through the next phase. The status of employees at Foresters and Canada Protection Plan remains unchanged.
“This next step of our longstanding partnership with Foresters holds significant potential product and service synergies to meet the ever-changing needs of our customers,” said Canada Protection Plan Co-President Henry Auyeung. “Our respective teams are eager to begin the work of determining which areas offer the best opportunities for growth and innovation.”
Canada Protection Plan will continue to deliver to advisors the same strong sales support and service to which they have become accustomed. From direct contact with Underwriting to fast issue times, the focus on helping advisors deliver innovative solutions to their clients simply and quickly remains a key priority.
The status of existing certificate and policy holders will remain the same. The amalgamation will greatly benefit customers and members moving forward, allowing for a broader range of products along with improved sales, marketing and service technology. In the Canadian market, the new entity will be branded as Canada Protection Plan, A Foresters Financial Company. The Foresters Financial brand will remain the same in all other markets.
Foresters was advised on this transaction by Deloitte LLP and Fasken Martineau DuMoulin LLP.
The transaction is subject to customary regulatory approval.
About Foresters Financial
Since 1874, Foresters Financial has been providing socially responsible financial services to individuals and families. Foresters Financial includes The Independent Order of Foresters, the oldest non-denominational fraternal benefit society. Foresters is a purpose-driven organization that exists to enrich family and community well-being and offers insurance products to over three million members and clients in Canada, the US and the U.K. For 20 straight years, The Independent Order of Foresters has received an “A” (Excellent) rating from A.M. Best.1 For more information please visit foresters.com
About Canada Protection Plan
Canada Protection Plan, one of Canada’s leading providers of No Medical and Simplified Issue life insurance, is the sales and marketing organization of Foresters Financial in Canada, dedicated to serving people across the country with easy-to-purchase life and critical illness insurance and related products. Coverage is quick and affordable, and many plans require no medical examinations. Canada Protection Plan products can be purchased through over 25,000 independent insurance advisors across Canada or through Licensed Insurance Advisors at cpp.ca.
™Foresters Financial, Foresters, and Helping Is Who We Are are trade names and/or trademarks of The Independent Order of Foresters (a fraternal benefit society, 789 Don Mills Rd, Toronto, Canada M3C 1T9) and its subsidiaries.
1The A.M. Best rating assigned on August 5, 2020 reflects the overall strength and claims-paying ability of The Independent Order of Foresters (IOF) but does not apply to the performance of any non-IOF issued products. An “A” (Excellent) rating is assigned to companies that have a strong ability to meet their ongoing obligations to policyholders and have, on balance, excellent balance sheet strength, operating performance and business profile when compared to the standards established by A.M. Best Company. A.M. Best assigns ratings from A++ to F, A++ and A+ being superior ratings and A and A- being excellent ratings. See ambest.com for our latest rating.
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SOURCE The Independent Order of Foresters