Foresters Announces Election of New Directors
James M. Bowden, Michael P. Stramaglia and Wendy A. Watson elected at Foresters International Assembly in Las Vegas
TORONTO, June 27, 2013 /PRNewswire/ - International life insurance provider Foresters™ has announced today the election of its board of directors by its members for a four-year term of office running from 2013 to 2017. The new board comprises 11 returning members and three new members elected for the first time.
"Foresters Board will be further strengthened by the addition of these new directors," says Dick Freeborough, Chairman of the Board of Directors. "Their business acumen and expertise in corporate governance combined with their distinguished careers will further enhance our ability to serve our members and oversee the management of the organization."
The Board of Directors is responsible for the business and fraternal affairs of Foresters. A listing of the 15-member Board, directors' biographies and committees is available on the Corporate Governance section of the Foresters website.
James M. (Jim) Bowden of Garland, TX, worked for 15 years with the Internal Revenue Service as an agent excise tax specialist. He continued his career in a diversified sales and management field from which he retired in 2007. After retirement he formed and operated JiNiN-Co Enterprises, an assembly manufacturing company, with his wife Nina Bowden.
Jim's association with Foresters began in 1974. He has held various Branch and Regional positions, and most recently, served as Regional Council President of the Central US Regional Council.
Michael P. Stramaglia of Toronto, ON, is a professional corporate director and President/Owner of Matrisc Advisory Group Inc., a risk management consulting company. He previously served as an Executive Vice President for Sun Life Financial from 2002-2012 where he held various senior executive positions including Chief Risk Officer and Executive Vice-President, Investments.
Michael currently serves as independent director with the Economical Insurance Group. He previously served as director of Sun Life Financial Trust, Clarica U.S. Inc., Perigee Inc., Zurich Life Insurance Company of Canada, Zurich Indemnity Insurance Company of Canada, and Federal Kemper Life Insurance Company of America.
Wendy A. Watson of Boston, MA, has over 35 years of experience in the financial services industry, retiring in 2009 from State Street as Executive Vice President, Global Services, where she established large operations in India, China and Poland.
Wendy is currently a director of Citizen's Financial Group, CMA Holdings Canada and DAS Canada Insurance Company (a subsidiary of Munich Re). Her years of board service also include chair of the Board of two of State Street Bank's multinational entities - State Street Syntel Private Ltd (India) and State Street Syntel Services Ltd (Mauritius).
Foresters™ is a life insurance provider with a difference. The fraternal benefit society, founded in 1874, supports family well-being through quality products, unique member benefits and inspiring community activities. Foresters shares its financial strength with over one million members in Canada, the United States and the United Kingdom. Foresters has assets of $9 billion with liabilities of $7.5 billion resulting in a surplus of $1.5 billion1 (all figures in Canadian dollars as of December 31, 2012) and maintains an "A" (Excellent) rating by A.M. Best2. Foresters subsidiary Foresters Life Insurance Company's rating is "A" and First Investors Life Insurance Company, also a Foresters subsidiary, received an "A-" rating. For more information, visit foresters.com.
ForestersTM is the trade name and a trademark of The Independent Order of Foresters, a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9; its subsidiaries are licensed to use this mark.
1This surplus represents excess funds above the amount required as legal
reserves for insurance and annuity certificates in force and provides
additional assurances to members for Foresters long term financial
2 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. A.M. Best assigns ratings from A++ to F, A++ and A+ being superior ratings and A and A- being excellent ratings. In assigning the ratings for The Independent Order of Foresters (Foresters) and its subsidiaries Foresters Life Insurance Company and First Investors Life Insurance Company on July 6, 2012, A.M. Best stated that the outlook for all ratings is "stable", which means they are unlikely to change in the near future. See ambest.com for the latest ratings.