TORONTO, Nov. 30, 2006 (PRIME NEWSWIRE) -- The Independent Order of Foresters, commonly known as Foresters(tm), today announced that it will launch a new sales organization in January 2007 to sell its life insurance products and annuities in the United States. This network of independent agencies will be known as Foresters Financial Partners Inc. with offices across the U.S.
"Today's announcement is key to the execution of our North American strategy to enable Foresters to grow bigger, faster, in a cost-effective manner," said George Mohacsi, President and CEO of Foresters. "Our goal is to partner with Foresters Financial Partners and other independent marketing organizations to sell our products. This allows Foresters to focus on building innovative products and marketing capabilities, service excellence and giving back to our customers through complimentary member benefits and making a difference in our communities."
Foresters will provide the new sales organization marketing support and financial incentives that will enable Foresters Financial Partners to attract independent producers with the opportunity to be financially successful and grow their own business. Through Foresters Financial Partners and its extensive sales force, Foresters products will be available to a much larger customer base.
"A key component of Foresters growth strategy is the transition of our existing sales force to a more entrepreneurial model that unleashes the potential of this talented group," explained Nick DiRenzo, Foresters SVP, North American Sales. "Independent producers will have ultimate control and choice over their own prosperity and will decide how to achieve their goals."
"To ensure the success of our independent producers," added Ira Gottshall, CEO and President of Foresters Financial Partners, "Foresters Financial Partners will provide support related to practice management, recruitment, training, marketing and business development through Foresters extensive member base and community partnerships."
Ira will be joined on Foresters Financial Partners management team by Charles Durfee, responsible for sales and marketing, and rewards and recognition; Jonathan Pratt, responsible for recruiting, and practice management; and Steven Aupperle, responsible for finance and operations.
About Foresters
Founded in 1874, Foresters(tm) helps individuals and families achieve financial security with its innovative portfolio of life insurance products and annuities. Foresters has assets of more than $4.6 billion with liabilities of $3.6 billion resulting in a surplus of $1 billion (all figures in U.S. dollars) and an "A" (Excellent) rating by A.M. Best(a). Foresters shares its financial strength with its members, who are customers, through complimentary life, health and education benefits that help its 850,000 eligible members and their families in the United States, Canada and the United Kingdom. Foresters provides opportunities that inspire its members to make a difference in their communities. Foresters Equity Services Inc.(b) and Foresters Securities (Canada) Inc. are wholly owned subsidiaries of Foresters that offer investment products in the United States and Canada respectively. For more information, please visit www.foresters.biz
Foresters(tm) is a trademark of The Independent Order of Foresters, a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9.
The Foresters logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2969
(a) An "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 rating outlook 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 ratings from A++ to F, A++ being superior ratings and A and A- being excellent ratings.
(b) Foresters Equity Services, Inc., 6640 Lusk Blvd, Suite A-202, San Diego, CA. Member NASD and SIPC