TORONTO, Sept. 12, 2013 /PRNewswire/ - Dick Freeborough, Chairman of ForestersTM Board of Directors, today announced that the organization's President and Chief Executive Officer, George Mohacsi, has indicated his intention to retire effective June 30, 2014. Mohacsi has served with distinction as Foresters CEO for the past eight and a half years, leading the international life insurance provider during one of its most successful periods ever.
"During George's tenure," Dick Freeborough said, "Foresters has experienced tremendous growth across all of its markets - in the United States, Canada, and the United Kingdom. This advancement of Foresters business has occurred both as a result of a new distribution strategy developed and led by George as well as the deployment of Foresters capital to make key acquisitions in each of its three markets. George has also provided strong leadership in revitalizing Foresters member network."
A special committee of the Board has been created to manage the leadership transition process. Chaired by Freeborough, this committee is working with an external consulting firm to conduct an internal and external search for a new CEO. Mohacsi will continue in the CEO role until his successor is appointed.
"The Board is thankful for the strong foundation George and his leadership team have built for the future and looks forward to a seamless and well-planned CEO transition," Freeborough added. "In our search for a new CEO, we will be seeking an outstanding candidate to continue Foresters important fraternal mission and build on the strong track record of growth and financial success that has been established in recent years."
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. For more information, visit foresters.com
Foresters™ 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 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 3, 2013, 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