By Staff | May 14, 2009 | Last updated on May 14, 2009
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Unity Life of Canada continues its string of acquisitions. The company announced Wednesday that it will acquire almost all of the insurance business of MetLife Canada for an undisclosed amount.

The insurance business affected includes 100,000 life and health insurance policies and a small number of group annuity contracts, plus policy liabilities of approximately $300 million and related assets, pursuant to an assumption reinsurance transaction.

The MetLife Canada acquisition is Unity Life’s largest deal to date, notes Tony Poole, company president and CEO. “These transactions reinforce Unity Life’s ongoing commitment to growth and to maintaining a leadership position on our core markets,” said Poole.

Unity Life will continue to serve MetLife Canada’s policyholders and provide them with their contracted insurance and annuity benefits.

The MetLife Canada deal is Unity Life’s fourth acquisition in five months. The company snapped up the Canadian insurance business of Forethought Life Insurance Company and Washington National Insurance Company in December 2008 and GeniSys Management Solutions last month.

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ING Canada changes its name

The country’s largest P&C insurer completed one of its final rebranding steps as ING Canada shareholders formally approved its new name — Intact Financial Corp.

While a fresh start as an independent company is a “unique opportunity,” president and CEO Charles Brindamour urged attendees at the company’s annual general meeting, in Toronto on Wednesday May 13, 2009, not to forget the context of the transformation, noting that shaky markets, rising claims and the economic slowdown are all putting pressure on industry performance overall. While warning of higher premiums in store across the entire industry, he told them “our intention is to make the most of [the new start].”

ING Canada’s first quarter results —released earlier on May 13, before the AGM — offered proof of that context: the company posted a net loss of $36.3 million and net operating income of $69.1 million for the period.

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Invesco PowerShares receives ETF industry award

At the fifth Annual Global ETF Awards, Invesco PowerShares was given the 2008 award for the “Most Innovative ETF Product” for the Americas.

Invesco PowerShares introduced the industry’s first actively managed equity ETFs in April 2008, and in November 2008, the company listed the first actively managed U.S. Real Estate ETF.

Actively managed ETFs combine the goals of active management (reduced volatility, managed risk and benchmark out-performance) with the traditional benefits of ETFs (i.e. tax efficiency and transparency).

The Global ETF Awards is hosted by Its purpose is to recognize those who have contributed to the development of the ETF industry worldwide.

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Director of Jovian resigns

Jovian Capital Corp. director Patrick Matters has decided to step down from his post as the director of Jovian for family reasons.

The resignation is effective immediately. The vacancy will remain until the next meeting of shareholders.

Matthews had been a director of Jovian since 2001.

(05/14/09) staff


The staff of have been covering news for financial advisors since 1998.