THE CANADIAN PRESS

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MISSISSAUGA, Ont. - Unity Life of Canada has an agreement to acquire the individual insurance business of Washington National Insurance Co.'s Canadian branch for an undisclosed price.

Subject to regulatory approvals in the United States and Canada, Unity Life will acquire Washington National's Canadian block of individual life insurance and occupational disability insurance policies.

Washington National will close its Canadian branch once the transaction closes. That's expected by Dec. 31.

Unity Life, a subsidiary of Independent Order of Foresters, currently has more than 192,000 active policies and certificates, $13.8 billion of insurance in force, and $562 million in assets.

Unity Life has been operating under that name since 2002 when Toronto Mutual Life amalgamated with its subsidiary, The Western Life Assurance.

It recently announced the acquisitions of a business process outsourcing unit from GeniSys Management Solutions and the Canadian insurance business of Forethought Financial Group.

"Today's announcement is another step forward in achieving our growth strategy of targeting blocks of business that complement Unity Life's market niche and area of expertise," Unity Life's president and CEO, Tony Poole, said in a statement.