TransactionsUnity Life Acquires Insurance Business of MetLife CanadaPublished: 11/03/2009 By Erin Brady, Gordon Goodman, Chris Hersh, Laurie LaPalme, Nicole Washington On October 30, 2009, Unity Life of Canada, a Foresters(TM) company, completed the assumption reinsurance agreement under which Unity Life has 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 U.S. regulatory authorities. Cassels Brock acted for Unity Life of Canada with a team that included Gord Goodman (Financial Services), Laurie LaPalme (Business Law), Erin Brady (Business Law), Chris Hersh (Competition Law) and Nicole Washington (Competition and Business Law). |