Unity Life of Canada has completed the deal for the insurance business of Forethought Financial Group’s Canadian branch, Forethought Life Insurance Co., the company said Friday.

Under the agreement with Forethought Financial, which was announced on Oct. 31, 2008, Unity Life acquires the Canadian block of approximately 20,000 funeral funding insurance policies, including net assets of approximately $82.4 million (as at Dec. 31, 2008).

The transaction was completed effective Dec. 31, 2008, following receipt of required approvals from Canadian and U.S. regulatory authorities.

“Today’s announcement of the expansion of Unity Life is an important development in our growth strategy,” says Tony Poole, Unity Life president and CEO. “Our strategy is to focus on blocks of business that complement Unity Life’s market and area of expertise, and reinforces our commitment to becoming Canada’s leading niche insurer. This addition further strengthens Unity Life’s asset base and aligns well with our existing insurance portfolio of specialty products.”

Unity Life will continue to serve Forethought’s Canadian policyholders and provide them with their contracted benefits and services.

Based in Mississauga, Ont., Unity Life is owned by The Independent Order of Foresters.