Bromley, April 3, 2013: Forester Life announced today it has completed a transfer of engagements from The Children’s Mutual (TCM) following regulatory approval.
“Forester Life continues to diversify and grow through strong acquisitions. We are pleased that our larger organisation will ensure increased financial security and improved returns to TCM investors and Foresters members alike, in keeping with our focus on family and community,”
said Euan Allison, UK Group Managing Director of Forester Life.
As a result of the transfer Forester Life is responsible for 1.4 million plans and funds under management in excess of £2.8bn. The transfer will enable TCM members to be part of a larger organisation, supported by the parent of Forester Life, Canadian-based Foresters, an international financial services organisation which operates on a similar basis to a UK friendly society.
At its Special General Meeting held on 11th February 2013 eligible TCM members voted 98% in favour of the transfer of their Society into Forester Life. With the transfer complete, these members will enjoy increased financial security and potentially improved returns due to reduced plan administration costs. Other TCM customers including those with Child Trust Funds and Junior ISAs will continue to benefit from the same successful products and service as previously.
This transfer is part of Forester Life’s ongoing strategy to grow both organically and through acquisition.
About Forester Life
Forester Life is a UK life company based in Bromley, Kent and provides a range of straightforward financial solutions to help address protection, saving, investing and pension planning. Its products are designed to meet today’s needs for flexible terms, low charges and clear and simple plan conditions. Its UK network of financial advisers provides a home-based personal financial planning service backed up by award-winning technology.
Forester Life, as part of Foresters™, shares its financial strength with members across the UK, USA and Canada. Internationally, Foresters has over £10bn funds under management and maintains an ‘A’ excellent rating by A.M. Best.¹ Foresters is driven to share not shareholder driven, and throughout its 135 year history has believed in enriching the lives of its members, their families and the communities they live in. For more information, please visit foresters.com
Foresters™ is the trade name and a trademark of The Independent Order of Foresters, a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9; its subsidiaries are licensed to use this mark.
¹An ‘A’ excellent rating is assigned to companies that have a strong ability to meet their ongoing obligations to policyholders and have, on balance, excellent balance sheet strength, operating performance and business profile when compared to the standards established by A.M. Best Company. In assigning Foresters rating A.M. Best stated that Foresters outlook rating is ‘stable’, which means it is unlikely to change in the near future, assuming Foresters financial strength is maintained and operations grow. A.M. Best assigns rating from A++ to F, A++ being superior and A and A- being excellent ratings. This rating was assigned on 6 July 2012.