Unity Life of Canada has completed efforts to acquire most of the insurance business of MetLife Canada through an assumption reinsurance agreement.
The deal includes 100,000 life and health insurance policies and a small number of group annuity contracts, according to Unity Life of Canada, Mississauga, Ontario, a unit of the Independent Order of Foresters, Toronto,
Unity Life is taking responsibility for about $300 million in policy liabilities from MetLife Canada, a unit of MetLife Inc., New York.
The deal will not affect the policyholders’ contracted insurance or annuity benefits, Unity Life says.
Earlier this year, Unity Life acquired the individual life and disability insurance business of the Canadian branch of Washington National Insurance Company, a unit of Conseco Inc., Carmel, Ind.
In December 2008, Unity Life acquired 20,000 funeral insurance policies from Forethought Life Insurance Company of Canada, a branch of Forethought Financial Group Inc., Indianapolis.