Foresters appoints Anthony Garcia as its new President and Chief Executive
TORONTO, April 1, 2014
TORONTO, April 1, 2014 /PRNewswire/ -Dick Freeborough, Chairman of
Foresters^TM Board of Directors, today announced the appointment of Anthony
(Tony) Garcia as Foresters new President and Chief Executive Officer,
effective May 1, 2014. Garcia succeeds current President and Chief Executive
Officer George Mohacsi, who will retire from the organization on June 30,
With more than 26 years of executive management and leadership experience in
the US life and annuity industry, Garcia was most recently President of
Western and Southern Agency Group in Cincinnati, Ohio. Previously, he was
President and Chief Executive Officer of TIAA-CREF Life Insurance Company.
Other financial services industry experience includes positions with Allstate,
HSBC and the HealthMarkets life and health subsidiaries. Garcia currently
serves on the Board of Trustees for the American College and Board of Trustees
for the Center of Ethics for the American College. Formerly, he served on the
Board of Directors for the American Council of Life Insurers.
"Tony Garcia is an outstanding choice who brings broad experience in the US
life and annuity industry, successfully leading transformational change and
driving profitable growth," says Freeborough. "Foresters Board is confident
that he is best suited to continue Foresters important fraternal mission and
lead the organization into its next period of growth and prosperity."
"The Board is thankful for the strong organization George and his leadership
team have built for the future," Freeborough added. "The progress achieved
will provide a strong basis for Tony as he leads the organization going
Garcia and his family will be relocating to Toronto and look forward to making
Canada their home and becoming active and contributing members of our
For 140 years, Foresters™, an international financial services provider, has
fulfilled its purpose to enhance family well-being for its members and the
communities where they live.A fraternal benefit society, Foresters offers
quality life insurance and investment products, unique member benefits and
inspiring community activities. Foresters shares its financial strength with
more than 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 billion^1 (all figures in Canadian dollars as
of December 31, 2012) and maintains an "A" (Excellent) rating by A.M. Best^2.
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.
Foresters^TM 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 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 the ratings for The Independent
Order of Foresters (Foresters) and its subsidiaries Foresters Life Insurance
Company and First Investors Life Insurance Company on July 3, 2013, 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.
Contact: For media inquiries, please contact: Irene Shimoda, T 416 467 2544, T
855 574 7055 Toll-free (NA), E firstname.lastname@example.org
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