Foresters announces sale of Foresters Financial Partners (FFP)
FFP launches redesigned and refreshed brand to reflect change and growth
TORONTO, Dec. 20, 2012 /PRNewswire/ - ForestersTM, a leading life insurance provider that supports family well-being through quality products, unique member benefits and inspiring community activities, announced today the sale of Foresters Financial Partners (FFP) to the FFP management team. To coincide with this milestone, FFP has launched a new brand identity and a new name, FFP Insurance Services.
"We started Foresters Financial Partners in 2007 as part of a long-term growth plan designed to transition us from a career sales force to a network of independent producers," says George Mohacsi, President and CEO, Foresters. "This strategy has exceeded our expectations and today we have over 47,000 agents selling our products in the US, enabling us to focus on building innovative products and giving back to our members. The intent was always for FFP to stand on its own and I'm very happy to affirm its management team as the new owners."
"We are very happy with FFP's progress to date and have confidence in our continued success going forward with full ownership," says Ira Gottshall, CEO, FFP Insurance Services. "We will of course maintain a close relationship with Foresters and its members as both an important part of our history and our ongoing business."
The launch of FFP's new name and brand identity reflects its growth as a leading supplier of insurance services to agents and agencies. FFP launched in 2007 targeting a niche market of agents with Foresters financial products. Since that time it has grown and expanded, offering a full portfolio of products and carriers, to service the needs of agents and Independent Marketing Organizations (IMOs). A new tagline, Leadership, Support, Growth, reflects the organization's goal to build strong partnership-focused relationships with agencies and agents and help them succeed.
"We felt a brand refresh was needed to promote the positive growth and activity FFP has experienced since 2007," says Gottshall. "Over the years, the acronym for our name, FFP, has become our brand identifier and we have added Insurance Services to create our new name, FFP Insurance Services. We believe this combination effectively communicates our core business and expresses the focus of our brand offering."
About FFP Insurance Services, Inc.
FFP Insurance Services is a national network of Independent Marketing Organizations and Franchise Affiliates dedicated to supporting agents and growing their business through unique sales systems and turnkey support. We offer those driven to succeed leadership, support and growth. Our partners receive access to a full portfolio of product offerings and carriers including: Foresters and their unique member benefits; a full Annuity Center with access to the industry's top carriers, as well as, Life Insurance, Long Term Care and Disability Income Replacement products. Additionally, partners have access to a host of FFP insurance services to build their business such as: sales coaches and mentors; proven prospecting techniques, sales and product training; marketing and recruiting materials; as well as, the opportunity for greater income, cross-selling opportunities and incentive trips. The new FFP brand can be seen in the organization's redesigned website FFPis.com.
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 over $8.6 billion with liabilities of $7.1 billion resulting in a surplus of $1.4 billion1 (all figures in Canadian dollars as of December 31, 2011) and maintains an "A" (Excellent) rating by A.M. Best2. For more information, visit foresters.com.
1This surplus represents excess funds above the amount required as legal reserves for insurance and annuity certificates in force and provides additional assurances to our members for our long term financial strength.
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 Foresters rating on July 6, 2012, A.M. Best stated that the rating outlook is "stable", which means it is unlikely to change in the near future. See ambest.com for our latest rating.