TORONTO, March 26, 2008 (PRIME NEWSWIRE) -- Foresters(tm) announced its reorganization into three divisions for its operations in the United States, Canada and the United Kingdom. Christopher Pinkerton, formerly Senior Vice President for Sales and Marketing, North America, has been appointed President, Foresters U.S. Division. In this capacity, he will lead a dedicated management team with full responsibility for Foresters U.S. business operations.
"In planning our new organizational structure, we recognized that each of the three countries in which Foresters operates has unique market dynamics," said George Mohacsi, Foresters President and CEO. "By dedicating our efforts specifically to each country's market, we can deliver on our vision of Foresters as a vibrant, fast growing and successful international organization focused intently on its markets, members and distributors. And as a result, Foresters can deliver on its fraternal mission to enrich the lives of our members and their communities."
The U.S. Division will be responsible for the design and implementation of policies and programs that will be focused exclusively on the U.S. market. This includes product, pricing, marketing, sales, compensation, contracting, new business and underwriting services.
"The U.S. market dynamics dictate specific approaches for product development, distribution and channel management," said Christopher Pinkerton, President, Foresters U.S. Division. "It's good business practice to keep these activities as close as possible to the market and build a management structure that allows us to dedicate skilled resources specifically to each market."
Chris will continue to be a member of Foresters Executive Leadership Team.
About Foresters
Founded in 1874 as a fraternal benefit society, 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 $5.4 billion with liabilities of $4.0 billion resulting in a surplus of $1.4 billion (all figures in Canadian dollars as of December 31, 2007) and an "A" (Excellent) rating by A.M. Best*. Foresters shares its financial strength with its members, who are customers, through complimentary life, health and education benefits that help its more than 735,000 eligible members and their families in Canada, the United States and the United Kingdom. Foresters provides opportunities that inspire its members to make a difference in their communities. Foresters Equity Services, Inc.** 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.com.
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Foresters(tm) is a trademark of The Independent Order of Foresters, a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9.
* 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.
** Foresters Equity Services, Inc., 6640 Lusk Blvd, Suite A-202, San Diego, CA. Member NASD and SIPC