MADISON, Wis. (9/18/09)--CUNA Mutual Group announced today it is selling the majority ownership of its independently managed affiliate, The CUMIS Group Ltd., to a longtime business partner of the Canadian company and a Canadian credit union central.
CUMIS' board decided to enter into an agreement with Co-operators Life Insurance Co., and Central 1 credit union, which will assume full ownership of CUMIS by the end of the year. Central 1 is a Canadian corporate credit union based in Vancouver, B.C.
"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."
CUMIS became an affiliate of CUNA Mutual in 1977. It provides insurance and financial solutions to the Canadian credit union system. Its principal companies are CUMIS Life Insurance Co. and CUMIS General Insurance Co.
As of Dec. 31, CUMIS' assets were almost $1 billion. The organization is based in Burlington, Ont.
Co-operators is a Canadian-based cooperative that focuses on insurance and investment products for consumers. It is owned by a group of Canadian co-operatives and credit union centrals.
CUNA Mutual Group provides financial services to cooperatives, credit unions, their members and customers worldwide.
Courtesy of cuna.org