Fraternal life insurer Foresters Financial (Foresters) and Canada Protection Plan, which offers ‘No Medical and Simplified Issue’ life insurance, have agreed to combine their operations.
The amalgamation is said to bring together sales and marketing capabilities of Canada Protection Plan with the well-capitalised Foresters Financial to form customer-, member- and advisor-centric life insurer in Canada.
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Headquartered in Toronto, the organisations will utilise their mobile and technology-enabled operations to offer contactless solutions to customers and advisors.
Foresters Financial president and CEO Jim Boyle said: “We’re thrilled to make our longstanding partnership with Canada Protection Plan official.
“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.”
Canada Protection Plan chief distribution officer and co-president Michael Aziz added: “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.”
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By GlobalDataCanada Protection Plan will continue to offer sales support and service to advisors to enable them to provide necessary solutions to their clients easily and quickly.
The status of existing certificate and policy holders of the organisation will remain unchanged, and the status of employees at Foresters and Canada Protection Plan will continue to be the same.
The companies expect the amalgamation to greatly benefit customers and members in the future and lead to a broader range of offerings, in addition to enhanced 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 be unchanged in markets outside of Canada.
Deloitte and Fasken Martineau DuMoulin acted as advisors to Foresters on this transaction, which is subject to customary regulatory approval.
