Foresters Financial

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Foresters Financial
Foresters Financial
TypeFraternal benefit society
IndustryFinancial services
Founded1874; 148 years ago (1874)
Headquarters,
Canada
Areas served
    • Canada
    • United Kingdom
    • United States
Products
SubsidiariesCanada Protection Plan
Websiteforesters.com

Foresters Financial is a fraternal benefit society headquartered in Toronto, Ontario, Canada that provides life insurance and other financial solutions in Canada, the United Kingdom, and the United States.[1] Since 2018, Jim Boyle has served as the company’s President and CEO.[2]

History[edit]

Foresters traces its origins to a British Friendly Society, a mutual organization caring for the sick. Membership was originally gained by combat, first with quarterstaffs, then with swords and finally with cudgels, until initiation by combat was abandoned in 1843.[3]

In 1834, the Royal Foresters formed a Friendly Society, the Ancient Order of Foresters (AOF).[4] The IOF in the United States became independent of the AOF in 1874.[5]

The expansion of the Independent Order of Foresters (IOF) into Canada in 1875 is attributed to a prominent doctor and community leader, Oronhyatekha. Of Mohawk descent, he was born in 1841 at Six Nations near present-day Brantford, Ontario, Oronhyatekha ("Burning Sky") was baptized Peter Martin and later attended Oxford, where he became a medical doctor.[6]

Dr. Oronhyatekha held the office of Supreme Chief Ranger (now called "International Fraternal President") from 1879 until 1906; he died in 1907.[7] Foresters membership reached 257,000 in 1906. Through the 20th century it amalgamated with various other fraternal organizations, including the Ontario part of one of the oldest, the Ancient Order of United Workmen, acquired in 1926, the Modern Brotherhood of America, acquired in 1931, and the Order of Scottish Clans, acquired in 1971.[8]

Like other friendly societies and fraternal organizations of the time, Foresters helped transform the insurance industry by extending insurance benefits to the average working family. In addition to admitting women as full members, Foresters provided orphan benefits to the children of deceased Foresters members.

As of 2014, Foresters supported various community causes in Canada, the US and UK, through direct investment in national and local community partnerships, branch funding and educational scholarships.[5]

In partnership with nonprofit KaBOOM!, Foresters has helped build more than 150 playgrounds across the U.S. and Canada since 2006.[9]

In April 2019, Macquarie Group’s investing division agreed to buy $12.3 billion in assets from Foresters Financial, including Foresters’ First Investors mutual funds business.[10] In the same year, the company sold its U.S broker-dealer to Cetera Financial Group, in efforts to focus on life insurance.[10]

In May 2019, Foresters sold its Canadian money management unit, Foresters Asset Management, to Fiera Capital Corp.[11] In October 2019, the company sold Foresters Financial Holding and Foresters Life Insurance and Annuity Company to Nassau Financial Group.[12]

Corporate structure[edit]

Foresters acquired Unity Life of Canada in 2008, which subsequently rebranded as Foresters Life Insurance Company in January 2012.[13]

As of 2014, Foresters Financial operated a separate UK division based in South London.

In October 2020, Foresters Financial merged with life insurance distributor Canada Protection Plan.[14] With the merger, Canada Protection Plan was rebranded as "Canada Protection Plan, a Foresters Financial company."[15]

See also[edit]

References[edit]

  1. ^ http://www.foresters.com/
  2. ^ "Foresters Financial names new CEO". Investment Executive. December 18, 2017.
  3. ^ Foresters in Marin County, California Archived 2012-07-17 at the Wayback Machine (freemasonry.biz)
  4. ^ Foresters Friendly Society: Our History
  5. ^ a b 135th Anniversary (1874-2009) Archived 2011-02-08 at the Wayback Machine
  6. ^ Comeau-Vasilopoulos, Gayle M. (1994). "Oronhyatekha". In Cook, Ramsay; Hamelin, Jean (eds.). Dictionary of Canadian Biography. Vol. XIII (1901–1910) (online ed.). University of Toronto Press.
  7. ^ Our Story Archived 2011-07-11 at the Wayback Machine at Foresters135.com
  8. ^ "Financial Condition Report" (PDF). NY State DFS. December 1, 1997.
  9. ^ "Community shows up and KaBOOM! there's a playground". Black Mountain News. October 6, 2018.
  10. ^ a b "Macquarie to acquire $12.3 billion in mutual fund assets from Foresters". Pensions&Investments. April 9, 2019.
  11. ^ "Fiera Capital to buy Foresters Asset Management for undisclosed sum". PI Online. May 15, 2019.
  12. ^ "Nassau Completes Acquisition of Foresters' U.S. Variable Annuity and Variable Life Operations". ThinkAdvisor. July 20, 2020.
  13. ^ "Unity Life renamed Foresters Life". Advisor's Edge. January 24, 2012.
  14. ^ "Foresters Financial, Canada Protection Plan to merge operations". NS Insurance (in American English). 2020-10-05. Retrieved 2020-12-16.
  15. ^ Moorcraft, Bethan (2020-10-02). "Foresters Financial and Canada Protection Plan announce merger". Insurance Business Canada. Retrieved 2020-12-16.{{cite web}}: CS1 maint: url-status (link)

External links[edit]