The Independent Order of Foresters is acquiring a U.S. distributor of life and investment products.
Foresters, Toronto, will be getting 100% of First Investors Consolidated Corp. (FICC), New York, according to FICC.
The deal includes FICC’s registered broker-dealer, its registered investment advisory firm, transfer agent and life insurance operations, FICC says.
The companies are not disclosing the price of the deal, but they say they hope to complete it by Dec. 31.
Completion of the deal is subject to approval by FICC fund shareholders and regulators in the United States and Canada.
Both FICC and Foresters are privately held.
FICC is an 80 year-old financial services firm with about $6.3 billion in assets under management. The firm has a network of about 700 sales professionals and 400 employees in 46 offices in 26 states.
Foresters is a fraternal benefit society that has operated in the United States for about 100 years and has 675,000 members in Canada. Unity Life of Canada, a Foresters subsidiary, has been acquiring blocks of U.S. life and health business.
Foresters will be operating FICC as a stand-alone business in its U.S. division and keeping FICC’s current managers and staffers, Foresters says. FICC will also market its products and services under the First Investors brand.
Chris Pinkerton, president of Foresters’ U.S. division, also will president of FICC.