MADISON, Wis. – CUNA Mutual Group announced today it is selling the majority ownership of its independently managed affiliate, The CUMIS Group Ltd., (CUMIS) to a longtime business partner of the Canadian company and a Canadian credit union central.
CUMIS’s Board of Directors decided to enter into an agreement with Co-operators Life Insurance Co., and Central 1 credit union, who will assume full ownership of CUMIS by the end of the year.
“We have been approached on numerous occasions by companies interested in obtaining an ownership interest in CUMIS,” said Jeff Post, President/CEO of CUNA Mutual. “The time is right for both organizations to make this move. While improving our financial strength, this decision also simplifies CUNA Mutual’s business, enhancing our ability to become more competitive in our core insurance products and provides us flexibility to prudently pursue new avenues for growth. Selling CUMIS to our long-term partner in Canada and a central allows our Canadian friends to once again own the financial pillars of the Canadian credit union system.”
Added Kenn Lalonde, President/CEO of CUMIS: “After careful deliberation, the Board of Directors decided the sale was a wise investment in the future of CUMIS, its shareholders, customers and employees. It brings together companies with more than 60 years of history serving cooperative organizations in Canada.”
CUMIS became an affiliate of CUNA Mutual in 1977. It provides a diverse portfolio of insurance and financial solutions to the Canadian credit union system. Its principal companies are CUMIS Life Insurance Company and CUMIS General Insurance Company.
As of Dec. 31, 2008, CUMIS’s assets were almost $1 billion. The organization, based in Burlington, Ontario, has more than 360 full-time employees who serve the company’s credit union customers from seven offices across Canada.
The Co-operators is a cooperative based in Canada that focuses on insurance and investment products for consumers – from home and auto to life and group. It is owned by a group of Canadian co-operatives and credit union centrals. Central 1 is a Canadian corporate credit union based in Vancouver, B.C. It serves as a central financial facility, payments clearinghouse and trade association for its member credit unions.
CUNA Mutual Group is a leading provider of financial services to cooperatives, credit unions, their members and valued customers worldwide. With more than 70 years of commitment to credit unions, CUNA Mutual’s vision is unwavering: to be a trusted business partner who delivers service excellence and customer-focused, best-in-class products and market-driven innovation. More information on the company is available on the company’s Web site at http://www.cunamutual.com.
CUNA Mutual Group is the marketing name of CUNA Mutual Insurance Society, its affiliates and subsidiaries, including CUMIS Insurance Society, Inc. Product availability and features may vary by jurisdiction and are subject to actual policy language. Corporate headquarters are located in Madison, Wis.