Unity Life of Canada has entered an agreement to acquire the individual insurance business of Washington National Insurance Company’s Canadian branch, the companies announced on Monday.

Under the agreement, which is subject to Canadian and U.S. regulatory approval, Unity Life will acquire Washington National’s Canadian block of individual life insurance and occupational disability insurance policies.

Unity Life, which is owned by Foresters, expects to complete the transaction on Dec. 31. Once the transaction is complete, Washington National will close its Canadian branch.

“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,” said Unity Life president and CEO Tony Poole.

The move is part of a growth strategy that has included two other recent announcements of acquisitions by Unity Life: the business segment of GeniSys Management Solutions and the Canadian insurance business of Forethought Financial Group.

“These transactions demonstrate Unity Life’s commitment to continue to expand our Canadian organization, improve our financial results and maintain a leadership position in our core markets,” said Poole.

The value of the transaction was not disclosed. Upon its completion, Unity Life will continue to serve Washington National’s Canadian policyholders and provide them with their contracted benefits and services.

IE