DBRS Morningstar Comments on the Departure of Foresters Financial’s CEO

DBRS Limited (DBRS Morningstar) notes that its ratings on The Independent Order of Foresters (Foresters Financial or the Company; rated “A” with Stable trends by DBRS Morningstar) are unaffected following the departure of Louis Gagnon, the Company’s President and Chief Executive Officer (CEO), for personal reasons (announced on July 18, 2023). Mr. Gagnon originally joined Foresters Financial in early 2021 as the Chief Operating Officer and became CEO in January 2022.

The Board of Directors has appointed René Zanin (Global Chief Legal Officer, Chief Compliance Officer, and Corporate Secretary) as interim CEO while it looks for a permanent replacement.

The Company is expected to continue its efforts to achieve its financial targets and maintain its recently improved profitability metrics, so we do not expect any material deviation in strategy at this time. DBRS Morningstar last confirmed Foresters Financial’s ratings on July 10, 2023. While the ratings are well placed in their current rating categories, DBRS Morningstar notes that the Company has had recent changes among its senior leadership. DBRS Morningstar will continue to monitor the execution of Forester Financial’s strategic plan and its potential impact on the Company’s credit profile.

Notes:
All figures are in Canadian dollars unless otherwise noted.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com.

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