A Canadian insurer has agreed to acquire the Canadian individual life and occupational disability business of a unit of Conseco Inc.
Unity Life of Canada, Mississauga, Ontario, a unit of the Independent Order of Foresters, Toronto, will acquire the business from the Canadian branch of Washington National Insurance Company, Chicago, through a reinsurance agreement, Unity Life says.
Washington National is part of Conseco, Carmel, Ind.
The price of the deal was not immediately available.
The deal is subject to approval by U.S. and Canadian regulators, according to Unity Life.
The companies hope to complete the deal by Dec. 31.
After the deal is completed, “Washington National will close its Canadian branch,” Unity Life says.