On October 30, 2009, Unity Life of Canada, a Foresters company, completed the assumption reinsurance agreement under which Unity Life acquired substantially all of the insurance business of MetLife Canada, a subsidiary of MetLife, Inc.
Under the agreement, which was announced on May 13, 2009, Unity Life has acquired from MetLife Canada approximately 100,000 life and health insurance policies and a small number of group annuity contracts.
The transaction, which includes policy liabilities of approximately $300 million (as at December 31, 2008) and related assets, was completed effective October 30, 2009, following receipt of required approvals from Canadian and US regulatory authorities. The value of the transaction was not disclosed.
Cassels Brock & Blackwell LLP acted for Unity Life of Canada with a team that included Gordon Goodman (financial services); Laurie LaPalme and Erin Brady (business law); Chris Hersh (competition law) and Nicole Washington (competition and business law).
MetLife was represented by Blake, Cassels & Graydon LLP with a team that included Greg Frenette (corporate); Dawn Jetten (regulatory); Navin Joneja (competition); Connie Reeve (employment) and Jake Gilbert (corporate and regulatory).